OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-03-31-accounts

Annual Report and Accounts 2024125 Motability Foundation Making alljourneys accessible

Our vision

We are building a future where all disabled people have the transport options to make the journeys they choose

Annual Report and Accounts 2024/25

THE MOTABILITY FOUNDATION
The Five Strategic Pillars 04
Chair’s Statement 06
Chief Executive Offcer’s Statement 09
PERFORMANCE AND PLANS
Strategic Pillars:
•Motability Scheme 10
•Grant-Making 13
•Build Awareness and Engagement 21
•Innovation 24
•Disability Charity 27
– Environment 29
– Control and Assurance 32
FINANCIAL REVIEW AND RESULTS,
AND GOVERNORS’ REPORT 36
AUDITOR’S REPORT
Independent Auditor’s Report to the
Governors (Trustees) of Motability 56
FINANCIAL STATEMENTS
Consolidated Statement of Financial Activities 62
Statement of Financial Activities (Charity Only) 63
Balance Sheet (Group and Charity) 64
Consolidated Cash Flow Statement 65
Notes to the Financial Statements 66
Patrons, Governors, Members and 111
Key Executive Employees

www.motabilityfoundation.org.uk 03

Annual Report and Accounts 2024/25

The Five Strategic Pillars

Our Founding Principles

Our founding principles underpin our Strategic Pillars. They are to provide:

The charitable object of the Motability Foundation is to facilitate the relief and assistance of disabled people in connection with the provision of personal, and other, transportation

Motability Scheme

Ensure the success

of the Motability Scheme in meeting the transportation needs of disabled people

Our goals

Grant-Making

Use charitable funds effectively to address the transportation needs of beneficiaries

Our goals

04 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Build Awareness and Engagement

Build awareness of, and trust in, the work of the Motability Foundation, listen to the views of disabled people, their organisations and other key stakeholders, and take account of them when we make important decisions

Our goals

Innovation

Constantly look for and develop new ways to meet the evolving transportation needs of disabled people

Our goals

•[Improve our understanding ] of the mobility needs of disabled people, especially those who receive mobility allowances beyond vehicle leases, and seek out new opportunities to meet these needs

Disability Charity

Provide the highest level of service to meet the transportation needs of disabled people, underpinned by a strong infrastructure and an empathetic, evidenceled culture

Our goals

www.motabilityfoundation.org.uk 05

Annual Report and Accounts 2024/25

Chair’s Statement

As we prepare to embark on a new five-year strategy, it is worth reflecting on the enormous benefit that the Motability Scheme brings to 860,000 disabled people across the UK. Research from Oxford Economics published this year

showed that in 2022/23, 21 per cent of Motability Scheme customers surveyed had improved job opportunities and 27 per cent had improved access to education and training due to their Scheme Vehicle. The collective social impact, including benefits to people’s wellbeing, was worth £11.2bn.

The Scheme has continued to grow, largely driven by the increased number of eligible people, and by its continued relevance and affordability for disabled people. It offers excellent customer service and value for money. Any profits are-reinvested into disabled people’s mobility and to sustain the Motability Scheme or into donations to the Motability Foundation. It is also evolving as we transition to EVs, and we are supporting disabled people to make the transition broadly in line with the retail market.

This year, we have also modernised the Scheme Agreement between ourselves and Motability Operations, who run the Motability Scheme, which provides greater clarity about how the Scheme is delivered and is aligned with the strong working relationship currently in place.

The Motability Foundation continues to provide grants to Scheme customers who most need financial support to access the vehicle they

need. Rising prices for Wheelchair Accessible Vehicles (WAVs) meant that we saw strong demand for WAV grants, and we were able to respond by increasing our grant giving in this area. Across all six Scheme-related grant programmes, we awarded 10,473 grants worth £59.3m. Meanwhile, we provided 3,541 Access To Mobility grants, which include driving lessons for Scheme customers, totalling £5.85m.

March 2025 marked the end of the first threeyear grant portfolio for other organisations. In total, the six grant programmes provided 101 organisations with £50.5m in funding, ranging from community transport to delivering travel training skills. Following an annual review with our grant-funded organisations, we estimate that we are directly helping more than 175,000 people.

This year also marked the end of our current strategy and the development of our 2025-2030 strategy, launching in summer 2025. We have benefitted enormously from consultation with, and the contribution of, disabled people and sector stakeholders.

Motability Operations have faced a challenging operating environment this year, such as the reduced value of second-hand vehicles and the volatility of the automotive and insurance markets together with the growth of the Scheme. As a result, they have not been able to make a donation to us this year. The robust financial planning of both organisations means that new customers can be accommodated, and that we can continue a similar level of charitable spending to 2024/25 during the new five-year strategy, drawing on our general funds and distributions from our investments

06 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

from the Motability Endowment Trust (MET).

I would like to thank Sir Stephen O’Brien and Andrew Miller, as well as the Board of Motability Operations, for their customer focus in highly complex markets as they ensure the Scheme fulfils customer needs and that they are supported in a balanced transition to EVs. I also thank all Motability Foundation Governors, including Michael Harrison whom we welcome as a new Governor. They all dedicate substantial time, knowledge and empathy to ensure that the Foundation makes the right strategic choices.

Finally, I would like to thank our CEO Nigel Fletcher, the Executive and staff team who put such care into supporting people and organisations so that we can help more disabled people make the journeys they choose.

Charles Manby MBE, Chair

www.motabilityfoundation.org.uk 07

Annual Report and Accounts 2024/25

3,376 Driving Lessons grants awarded totalling £5.6m

Our year in numbers 2024/25

10,473 grants provided to Motability Scheme customers worth £59.3m

4,595 grants awarded towards Wheelchair Accessible Vehicles

31 organisations supported by our Impact Grant Programme, totalling £14.7m

Staff attitude and helpfulness rated 9.1/10 by Schemerelated grant recipients

£4.2m awarded across 11 grants to develop and improve ~~Community Transpor~~ t

Chief Executive Officer’s Statement

This is my first year leading the Motability Foundation, and I have been proud to witness how every team across the organisation has focused on making an impact for disabled people.

Over the last year we have been busy. We have brought together organisations that have carried out research with our funding, to learn from each other and multiply their impact. We have provided major grants to organisations that can support people with a range of disabilities, such as travel confidence training for people with autism and learning differences and community transport. We have also expanded our innovation activities, for example exploring how we can take action to unlock the barriers to shared micromobility. The Motability Scheme, of course, remains our top priority. We continue to invest heavily in Scheme-related and driving lesson grants helping those most in need of support to access a Scheme vehicle. And we continue to work with Motability Operations to ensure the Scheme delivers the best proposition possible for disabled people.

The Motability Scheme continues to face a variety of external pressures. Due to this challenging operating environment, Motability Operations are looking at ways in which the Scheme may evolve to ensure it continues to deliver best value for customers as well as longterm sustainability. To ensure we are prepared, we will increase our resource to support the rate of change that Motability Operations propose to implement to the Scheme proposition over

the coming years.

Our evaluations show the impact we are having through our grant-making. 86 per cent of Scheme customers who received a grant for adaptations to their Scheme vehicle between 2021 and 2024 reported a significant to lifechanging impact on being able to access people and places. Organisations that received a Community Transport grant reported that 72 per cent of their transport users experienced an increase in physical and mental wellbeing as a result of using the service.

This year has also seen us develop our strategy for the next five years. It is informed by extensive consultation with disabled people, our staff, disabled people’s organisations, other charities and MPs. It sets out that the Motability Scheme remains our top priority and that we seek to work with others to improve access for disabled people across all forms of transport and make sure people have the right tools and support to make the journeys they choose. As we move into this next strategic period, we will continue to put the voices and experiences of disabled people at the heart of everything we do and work in partnership with others to build transport equity.

I’d like to thank everyone, from my colleagues here through to those helping run the organisations we have grant-funded, collectively they have worked to build a more accessible future for disabled people.

Nigel Fletcher Chief Executive Officer

www.motabilityfoundation.org.uk 09

Annual Report and Accounts 2024/25

X* STRATEGIC PILLAR Motability Scheme Ill//

STRATEGIC PILLAR

Motability Scheme

Aims for 2024/25

1. Ensure the Scheme continues to operate to its current high standard, offering value for money and excellent customer service ACHIEVED

2. Seek to maintain price stability as far as possible against a background of increasing cost pressures ACHIEVED

3. Complete work to refresh the Motability Scheme Agreement with Motability Operations, including a new Performance Framework and updated Key Performance Indicators (KPIs), with a continuing focus on securing the best outcomes for disabled people ONGOING

4. Together with Motability Operations, ensure the fleet transitions towards EVs at broadly the same rate as the retail market, while ensuring customers’ needs are addressed ACHIEVED

The Motability Scheme allows disabled people who receive a higher rate mobility allowance to use their allowance to lease a new vehicle. This can be a car, scooter, powered wheelchair or Wheelchair Accessible Vehicle (WAV). Where the allowance doesn’t cover the cost of the lease, customers pay an Advance Payment. Insurance, servicing and breakdown cover are all included.

The Motability Scheme is the main way we assist disabled people to travel. We oversee how the Scheme is delivered by Motability Operations, working closely with them to ensure it offers the best choice, value for money and customer service. We:

Motability Scheme Performance

The Scheme grew rapidly in 2024/25 and, at the end of March 2025, it had 860,000 customers. There are several reasons for the increase including representing good value for money at a time when running a car has become more expensive.

Vehicle Availability and Affordability

This year, there were above-inflation increases in car prices, insurance and the costs of servicing, maintenance and repair. This increased the cost of vehicle leases and, in some cases, Advance Payments. Motability Operations are looking for cost reduction opportunities to limit the Advance Payment increases, and some of these changes may affect the way customers are supported during their lease. We will consult with Motability Operations on those initiatives.

Value For Money

Despite the pressures of increased costs, the Motability Scheme continues to offer customers good value for money. Independent analysis found that Scheme vehicle leases represent a saving of around 45 per cent on similar deals from other major leasing companies. This saving has remained relatively stable over recent years.

Customer Satisfaction

Overall, customer satisfaction with the Motability Scheme remains high and stable at 9.4 out of 10. To give customers the best experience, Motability Operations continues

www.motabilityfoundation.org.uk 11

Annual Report and Accounts 2024/25

Scheme vehicle leases represent a saving of around 45 per cent on similar deals from other major leasing companies

to invest in their customer support teams and other initiatives, such as options for digital interaction to improve access.

MOTABILITY SCHEME POLICY

Scheme Oversight

Both the Motability Foundation and Motability Operations have been aware for some time that the Scheme Agreement needed to be modernised to reflect changes required by both parties. Following extensive discussions, effective principles were agreed.

Vehicle Availability and Affordability

In 2021, Motability Operations introduced a one-off New Vehicle Payment of £750, which was paid at the beginning of a new lease to help with the increased cost of vehicles. Customers could claim this once, with the eligibility for this payment ending on 3 January 2025. Motability Operations continue to heavily subsidise the cost of WAVs. The cost of base vehicles for conversion has increased significantly because of external pressures, and although the WAV pricing subsidy has grown, there have also been significant increases in Advance Payments. Customers can apply for Motability Foundation grants towards the cost of a WAV.

The updated Scheme Agreement provides greater clarity about how the Scheme is delivered and is aligned with the strong working relationship currently in place. This sits alongside the recent rebranding of the Motability Scheme, the Motability Foundation and Motability Operations, which distinguishes the Scheme from the organisations that provide it.

Transition to Electric Vehicles (EVs)

At the end of 2021, we approved a £300m support package, proposed and paid for by Motability Operations, to allow Scheme customers to transition to EVs at the same rate as the retail market. The support helped customers with affordability with many available at Nil Advance Payment. Customers could also get a home charge point as part of their lease or, alternatively, a subscription to BP Pulse network of public charge points. The funding concluded in autumn 2024.

The percentage of Scheme EV registrations during 2024 was slightly higher than the retail market.

12 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

STRATEGIC PILLAR Grant-making Ill//

STRATEGIC PILLAR

Grant-Making

Aims for 2024/25

1. Develop the second phase of our portfolio of Impact Programmes that support other charities and organisations ACHIEVED

2. Continue to achieve high levels of grant applicant satisfaction ACHIEVED

3. Continue to evaluate and review the impact of grant programmes ACHIEVED

The Motability Foundation supports individuals and organisations through its grant programmes and other charitable activities. In 2024/25, our total expenditure on charitable activities including special grants and innovation was £113.2m, of which £88.6m was grants.

2024/25 marks the end of our three-year, £50m commitment to provide grants to other charities and organisations. The six Impact Grant Programmes were designed based on our evidence and insight into the transport options and support disabled people need to make journeys. They funded services such as community transport, travel confidence training, wheelchair provision and research. We exceeded our £50m commitment, delivering funding worth £50.5m to 101 organisations.

Following an annual review with our grantfunded organisations, we estimate that we are directly helping more than 175,000 people.

See the summary of grant commitments recognised in the year on pages 106-109 for the breakdown.

Grants to Individuals

Grants to Organisations

14 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

GRANTS TO DISABLED PEOPLE

Motability Scheme grants

Motability Scheme-related grants provide funding for Motability Scheme customers towards the costs of leasing a suitable car or WAV. All grant applicants are means-tested to make sure financial support is given to people who most need it. Each year, we allocate funding to each of our grant programmes to support as many disabled people as possible right now, while also securing the long-term sustainability of our grant-making. Grant recipients are given the lowest priced options for vehicles that meet their needs to ensure the allocated funds help as many disabled people as possible and that they are distributed in a fair way.

We sustained a high level of support for Motability Scheme customers in 2024/25, providing £59.3m of grants to 10,473 people.

However, in 2024/25 we received fewer grant applications than in 2023/24. The main reason was that there were more cars available on the Scheme with no Advance Payments. Advance Payments for WAVs increased, and we provided more grants than the previous year. Overall, we provided WAV grants to 4,595 people worth a total £36.4m.

£6.4m

Complex Driving Solutions Supports with the cost of adaptations so that people can access and then drive their vehicle, sometimes from their wheelchair. 208 grants

£4.7m

Bespoke Passenger Solutions Supports people with complex needs to travel as a passenger in their Scheme vehicle. 137 grants

----- Start of picture text -----
£59.3m
total value of
Scheme-related grants
10,473
total number of
Scheme-related
grants
----- End of picture text -----

£11.8m

Car and Vehicle Adaptations Supports customers with the cost of Advance Payments or adaptations to a vehicle that meets their disability needs. 5,533 grants

£36.4m

Wheelchair Accessible

Vehicles Supports with the cost of Advance Payments and any adaptations customers need to use their WAV and secure their wheelchair in their vehicle. 4,595 grants

www.motabilityfoundation.org.uk 15

Annual Report and Accounts 2024/25

CASE STUDY

Nazmin, age 39, from Dudley

Nazmin has a muscle-weakening condition called Arthrogryposis Multiplex Congenita (AMC). As a result, her needs have changed over time and her new vehicle is wheelchair accessible. “Saying I’d be lost without it is an understatement,” says Nazmin, who received a grant on the Complex Driving Solutions Programme for the Advance Payment and adaptation of her Ford Transit. “It ensures I can get to medical appointments and commute to work. It gives me the freedom to go shopping, enjoy days out and take part in my local book club. It’s about independence, spontaneity and being able to live life on my own terms. It gives me the freedom to live more independently, and this wouldn’t have been possible without the Motability Foundation grant.”

“ It’s not just about getting from place to place, it’s about independence, spontaneity and living life”

GRANTS TO DISABLED PEOPLE

Access to Mobility Grants

In 2024/25, we changed the criteria for Driving Lessons grants, requiring people to pass their driving theory test before they applied for a grant. In the past, a proportion of grant recipients did not continue their driving lessons beyond their theory test. This change allowed us to make better use of our funds. The criteria change has slowed demand, as prospective applicants take their theory test.

Grant Applicant Satisfaction

We monitor applicant satisfaction with our grant-making teams every quarter through an independent agency. During 2024/25, Schemerelated grant recipients rated the attitude and helpfulness of grant enquiry advisors and case managers 9.1 out of 10 and their overall telephone experience 8.9 out of 10.

£14.5k Other Access to

Mobility Support

For customers who have to leave the Motability Scheme following an unsuccessful DLA to PIP reassessment, where they lose their qualifying benefits. 76 grants

£0.24m

£5.6m Driving Lessons £5.85m Help Scheme customers who total value of have a provisional driving licence learn to drive, or offer Access to Mobility familiarisation lessons to help grants customers get used to adapted driving controls. 3,376 grants

Access to Work Government Access to Work grants fund equipment for disabled people to use at work. This grant reimburses Social and Domestic Contribution people pay to use the equipment outside work. 89 grants

www.motabilityfoundation.org.uk 17

Annual Report and Accounts 2024/25

GRANTS TO ORGANISATIONS

Impact Programmes

Over the year, we awarded £14.7m to 31 organisations, which included an increase in active travel grant awards. High-value grants included a £747,640 grant to Get Cycling CIC to support 5,000 disabled people in Yorkshire to make journeys by cycling; and a £788,896 Travelling with Confidence grant to Your Voice Counts. This will support people with learning

differences in the Northeast of England and Cumbria to develop their travel skills and become travel buddies for others.

We estimate these 31 grants will support 45,147 people to make journeys over the grant period and will involve 7,400 disabled people in research.

Impact Programmes – Grant Types

£4.2m

Community Transport Develop, improve and expand community transport provision. 11 grants

----- Start of picture text -----
expand community
transport provision.
11 grants
£1.0m
£14.7m
Wheelchair Sector
Total for all grants
Improve the provision
of good quality, 31
affordable wheelchairs.
Total number
1 grant
of grants
£0.88m
Active Travel
Improve and expand
----- End of picture text -----

Active Travel Improve and expand access to active travel equipment and skills training. 2 grants

£3.0m

Travelling with Confidence Includes travel training, travel mentoring and influencing transport service design. 8 grants

£1.0m

Research Grants

Develop and build on research into transport accessibility solutions. 4 grants

£4.6m

Reducing Barriers to Driving Increase the number of driving instructors for adapted vehicles and provide more lessons. 5 grants

18 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

CASE STUDY

Spinal Injuries Association (SIA)

SIA received a Travelling with Confidence grant totalling £800,000 for two years. The funding has enabled it to create a digital hub of videos, podcasts, ‘how-to’ factsheets and links to other travel resources that will empower individuals with a spinal cord injury to plan and carry out journeys.

“ Getting the grant was massive. It was one of those transformational moments on our journey”

“We wanted to provide some educational resources that would be permanently available and easily accessible,” says Mark Ridler, SIA’s director of programmes. “Getting the grant was massive. It was one of those transformational moments on our journey. Travel affects people’s ability to work, maintain a family life and engage socially. That’s why we’re so pleased to engage with the Motability Foundation.”

EVALUATING OUR IMPACT

Community Transport Grant Programme

We commissioned New Philanthropy Capital to evaluate the impact of our Community Transport Grant Programme for grants awarded between April 2022 and November 2024. We provided £14m to 33 organisations.

Service users reported significant benefits, including:

Organisations we funded reported:

Cars and Vehicle Adaptations Grant Programme

Vehicle adaptations significantly improve grant recipients’ quality of life. We surveyed 925 grant recipients who received adaptations to their existing vehicles between 2021 and 2024. Before the adaptations, only 29 per cent could travel daily, with many relying on public transport. After adaptations, that number increased to 44 per cent.

We use six outcome areas to evaluate our impact

ACCESS

Increased ability to access people and places

WORK

Increased ability to work and pursue a career

CONNECTIONS

Increased social connections and relationships

EDUCATION

Increased ability to access education and training

WELLBEING

Improved sense of health and wellbeing CHOICE AND CONTROL Increased independence and control to make decisions

20 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

STRATEGIC PILLAR Build Awareness and Engagemen

STRATEGIC PILLAR

Build Awareness and Engagement

Aims for 2024/25

1. Continue to evolve what we are known for by successfully embedding the Motability Foundation brand internally and externally ONGOING

2. Improve user experience of our digital platforms, ensuring we continue to clarify our offer and be transparent ACHIEVED

3. Build and evaluate awareness plans for each grant programme and innovation project ONGOING

4. Continue to work closely with Motability Operations to drive awareness, understanding and consideration of the Motability Scheme and ensure the new brand is accessible, digitally focused and fit for the future ONGOING

5. Improve understanding and support of our work with government, policy makers and political stakeholders by delivering comprehensive public affairs activity ONGOING

The Motability Foundation works to raise awareness of our grants, research and innovation, and drive understanding of the roles of the Motability Foundation and the Motability Scheme.

Motability Scheme Brand Refresh

In 2024/25, we worked with Motability Operations to refresh the Motability Scheme brand, making sure the brand was modern, accessible across all touchpoints and represented Scheme customers. It also furthered our longer-term work to differentiate the Motability family of brands, so that all audiences can better understand what each brand does and offers. The Scheme’s new look,

feel and tone launched in October 2024.

Public Affairs

Following the General Election in July, more than half of MPs were new to Westminster. Together with Motability Operations, we contacted all new MPs to explain how the Scheme and Foundation support their constituents and the economy. We also established new relationships with key ministers and the Department for Work and Pensions (DWP). We submitted a response to the Government’s Green Paper “Modernising Support for Independent Living”, which highlighted the importance of the Motability Scheme and what the diversity of disability means for transport accessibility.

Promoting Research and Innovation

In July 2024, we hosted a special convening event bringing together sector stakeholders who could collaborate to improve journeys for disabled people. Five of our User Research grant recipients – Autistic Minds, Bus Users UK, Transport for All, Visionary and The Wheelchair Alliance – presented findings from their research projects. Attendees discussed how sharing knowledge and insight on the barriers to transport experienced by people with disabilities could help them to collaborate on finding solutions. We also hosted an event for PhD students funded by Motability Foundation scholarships to discuss their projects, share their experience of studying and provide peer support.

In November 2024, we hosted a panel discussion at the London EV Show, a major trade event attended by EV thought leaders, industry leads and policymakers. Our panellists included

22 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

representatives from the Energy Saving Trust and the Renewable Energy Association. We used this opportunity to lead a discussion on why the transition to EV needs to be accessible to all, raising awareness of both accessible EV charging and inclusive vehicle design.

Supporting Organisations

In 2024/25, we helped organisations that received an Impact Grant to promote their projects. This included grant announcements

for organisations that had received Active Travel grants for adaptive cycle loan schemes in London, Yorkshire and Sussex, Travelling with Confidence grants and Research grants such as for the University of Southampton and the Royal Mencap Society. We work with organisations on communications activities, including oversight of campaign content and marketing materials, as they develop and deliver their projects.

www.motabilityfoundation.org.uk 23

Annual Report and Accounts 2024/25

rir STRATEGIC PILLAR Innovation

STRATEGIC PILLAR

Innovation

Aims 2024/25

1. Continue to grow our innovation grantmaking ACHIEVED

2. Explore new approaches for impact, such as innovation partnerships ONGOING

3. Identify opportunities for inclusive innovation in the future of transport, in areas such as micromobility and autonomous vehicles ONGOING

4. Apply what we have learned about user insight and involve disabled people consistently in our innovation projects ACHIEVED

5. Use our learning from research and innovation to inform and influence key policy questions ACHIEVED

The Motability Foundation supports individuals and organisations through its innovation work, grant programmes and other charitable activities. In 2024/25, our total expenditure on charitable activities including innovation was £113.2m. See summary of grant commitments recognised in the year on pages 106-109 for breakdown.

Electric Vehicles

There will be an estimated 2.7m disabled motorists by 2035, up to half of whom will be reliant on public EV charge points. In 2022, we partnered with the Government’s Office for Zero Emission Vehicles (OZEV) to co-sponsor a national accessibility standard for public charging; the BSI PAS 1899. This provides industry with a clear specification of how to make all public charge points accessible.

In 2024/25, we again worked in partnership with OZEV to co-sponsor a review of PAS 1899, led

by the British Standards Institution (BSI). The review examined feedback from a wide range of stakeholders on how the standard is being implemented and looked at recommendations for how challenges could be addressed. As a result, the PAS 1899 standard is being updated and will be published in 2025/26.

Accessible Vehicle Design

Research commissioned by the Motability Foundation and carried out by the Energy Saving Trust in 2023 found that disabled people’s requirements are not being sufficiently considered when designing EVs. Building on this, we provided grant funding to Designability, a people-centred design charity, to research how different features of personal, private and passenger vehicles – from seating to dashboard controls – could be made accessible.

We then grant-funded Designability to create a series of accessible vehicle design principles designed to spark inspiration in industry and show what is achievable through inclusive design.

Partnership with RNIB

One in three blind and partially sighted people rarely or never use public transport. In a new three-year innovation partnership with the Royal National Institute of Blind People (RNIB) we will explore innovative ways of making journeys better for people with sight loss, while benefitting as many people with other disabilities as possible. Solutions will be codesigned with blind and partially sighted people and will involve other organisations, transport providers and disability groups.

www.motabilityfoundation.org.uk 25

Annual Report and Accounts 2024/25

The National Centre

for Accessible Transport

We launched the National Centre for Accessible Transport (ncat) in 2023. ncat created the Community of Accessible Transport (CAT) panel and the Accessible Transport Policy Commission. In 2024/25, various projects were completed using insight from the CAT panel, including research into transport design decision making and addressing the gap in transport accessibility data.

ncat has also launched the Resource Collection, a comprehensive database of accessible transport for policymakers and transport sector professionals. The database features 626 projects such as research, strategies and policy-related documents, and includes research commissioned by the Motability Foundation. In March 2025, ncat awarded 15 grants through their Scaling Innovation Programme, which aims to provide funding to industry partners to test and develop improvements to transport for disabled people.

26 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

STRATEGIC PILLAR

Disability Charity

Annual Report and Accounts 2022/23

STRATEGIC PILLAR

Disability Charity

Operating Aims 2024/25

1. To conclude the Strategy Review ACHIEVED

2. To implement the foundations of a new technology operating model covering capabilities, controls and an upgrade path for critical systems ONGOING

3. To continue growing the Motability Foundation as a great place to work including for talent development, diversity and inclusion, employee value proposition and environmental sustainability

4. To review and update governance and risk management, including an ongoing programme of internal and operational audit activities ONGOING

5. To complete a broad review of the strategic assumptions underpinning the strategic plans and priorities to inform the operating plan from 2025 onwards ACHIEVED

Our Strategy

The Board approved the new strategy at its spring 2025 meeting, and it is currently being worked up into operational plans. The new strategy represents an evolution of our activities, with a focus on improving access to the modes of travel available to disabled people.

Our People

Over the last four years, we have transformed our approach to our people and culture. In November 2023, we achieved Platinum status from Investors in People and have continued to prioritise our people and employee engagement in everything we do.

Equity, Diversity and Inclusion (EDI)

Our Diversity and Inclusion Forum relaunched in January 2025 to include Equity, ensuring a person’s individual unique circumstances are considered and represented. The forum continues to raise awareness and knowledge through internal initiatives in celebration of a wide range of cultural and religious events. We continued to work with the Business Disability Forum to promote disability awareness after achieving the Disability Confident Leader accreditation in March 2024. We provided work experience placements to disabled students through the organisation 10,000 Able Interns and further work placements to students at Harlow College.

Pay Gaps

Pay for all roles is benchmarked annually against relevant organisations. We monitor and analyse gender, ethnicity and disability pay gaps. There is no difference in hourly pay on a job level basis between male and female employees. In other words, for generic roles such as Case Manager or Grants Enquiries Advisor, there are no salary differences between genders. The April 2024 mean gender pay gap reduced by 3.8 per cent to 20.1 per cent from our last reported figure. The Senior Management Team remains committed to fair pay, irrespective of gender, disability or ethnicity, and continues to build on actions and initiatives aimed at reducing the pay gap. The disability pay gap reduced by 3.7 per cent from the last reported figure. This is now 7.6 per cent compared to 11.3 per cent in April 2023. The ethnicity pay gap increased but remains positive at a figure of 5.9 per cent.

28 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

ENVIRONMENT

----- Start of picture text -----
PERIOD: YE 31/03/25
Total Gross tC02e [] 471 Total Net tC02e [] 442
tCO2e = tonnes of carbon dioxide and equivalent gases (tCO2e)
Energy YE 31/03/24 YE 31/03/25 Annual Change
(kWh) (kWh) +/-%
Standard Energy 1,783,641 1,380,334 -23%
Renewable Energy - 290,158 -
Total 1,783,641 1,670,492 -6%
----- End of picture text -----*

Overview

As part of the Streamlined Energy and Carbon Reporting (SECR) regulations, the Motability Foundation is voluntarily reporting its annual greenhouse gas emissions from 01/04/24 to 31/03/25. This includes all emissions sources for scopes 1 and 2, plus scope 3 emissions that are available to track. We have set the current year as our new baseline, following acquiring our office building in June 2023.

based emission factor where a REGO/RGGO certificate is present. Carbon credits retired to offset residual annual emissions have not been counted within the Net values reported here.

We have selected the following intensity ratios as these most effectively reflect our emissions performance and enable development of our emissions management strategy and the strategic decisions to be made.

Methodology

The methodology used to calculate our emissions is based on financial control in accordance with the principles of ISO 14064 and the WRI/WBCSD GHG Reporting Protocols (revised edition). The software tool CEn-Calc has been used to calculate the emissions, using the Government’s conversion factors relevant to the reporting period, with the inclusion of well to wheel upstream factors. Out of scope/biogenic conversions have also been excluded.

Materiality: +/- 5.8% returns a ‘Good’ level of confidence with the financial control basis used for the data collection, scope and boundary.

Amendments

Data errors with two figures reported last year have been corrected in the table on page 30, marked by an *. There was no financial effect.

‘Gross tCO2e’ has been developed using the national grid standard carbon emission factor. ‘Net tCO2e’ has been developed using market-

www.motabilityfoundation.org.uk 29

Annual Report and Accounts 2024/25

----- Start of picture text -----
TOTAL tCO2e BY SCOPE AND YE 31/03/24 YE 31/03/25 Annual Change
GHG PROTOCOL CATEGORY (tCO2e) (tCO2e) +/-%
Scope 1 (Total) 331.11 168.09 -49%
C0.1 Site Energy (Gas) 80.03 69.88 -13%
C0.2 Controlled Vehicles and Plant 89.54 98.21 +10%
C0.3 Refrigerators 163.54 - -
C0.4 Other - - -
Scope 2 Location-based 64.57 [] 30.87
-8%
(Electricity) Market-based - 28.78
Scope 3 (Total) 336.52 243.20 -28%
C1.1 Water Supplied 0.27 0.27 -
C3 Fuel and Energy-related activities 83.00 48.62 -41%
C3.1 Fuel and Energy-related activities associated 2.39 - -
with business
C5 Waste Generated in Operations (Inc waste water) 1.40 [] 2.39 +71%
C6 Business Travel 6.73 20.27 +201%
C6 Business Travel WTT and T&D - 3.32 -
C7.2 Homeworking 114.37 49.80 -56%
C13 Downstream leased assets 128.36 18.51 -86%
All Scopes tCo2e (Gross) 734 471 -36%
All Scopes tCo2e (Net) 734 442 -40%
----- End of picture text -----

----- Start of picture text -----
INTENSITY RATIOS
YE 31/03/24 YE 31/03/25 Annual Change
GROSS tCO2e/RELATIVE UNIT
(tCO2e) (tCO2e) +/-%
Intensity Ratio 1
2.771 1.688 -39%
tCO2e / FTE
Intensity Ratio 2
0.019 0.012 -37%
tCO2e / Sq. Ft
Intensity Ratio 3
0.007 0.005 -29%
tCO2e / Grant Spending
----- End of picture text -----

Justifications for Undisclosed Information, Estimation and Comparability of Information

on average estimates have led to a decrease in C7.2 Homeworking

30 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Emissions and Energy Efficiency Actions Taken

The Motability Foundation has taken the following principal energy efficiency actions:

Current Targets

The Motability Foundation is committed to further sustainability improvements, working towards becoming a carbon-neutral organisation in line with the UK Government’s Net Zero Strategy when feasible.

The main focus in the next year will be taking forward the decarbonisation project by evaluating the options for upgrading the aged heating plant in Warwick House. We will also transition gas supplies to Renewable Gas Guarantee of Origin status, further reducing the Motability Foundation’s carbon footprint.

Further Information

As part of the annual preparation of this SECR statement, a detailed analysis and methodology background report is developed which includes data limitations, wider analysis and a full supporting evidence file. In addition to this, ESOS and other compliance activities are used to support this statement.

As shown this year, we continue to seek to reduce our energy intensity on a like-for-like basis where practicable, and initiatives are in-hand to improve our overall environmental performance, including increasing our use of renewable sources of energy.

www.motabilityfoundation.org.uk 31

Annual Report and Accounts 2024/25

CONTROL AND ASSURANCE

Our Audit, Risk and Finance Committee (ARFC) maintains and improves a comprehensive system of governance, risk, regulation, assurance and internal controls.

A wide range of policies includes regulatory compliance, financial crime, whistleblowing, financial management (including fraud), health and safety, people, data protection, technology and risk. They are reviewed annually to ensure they remain up to date and meet regulatory expectations.

An internal audit provides an objective evaluation of the overall adequacy and effectiveness of the organisation’s framework of governance, risk management and control.

Risk Management

Our Risk Management Framework identifies and manages risks impacting our activities. The overarching Motability Foundation Corporate Risk Register (CRR) monitors the management of strategic, external, operational, financial and reputational risks. The CRR is owned by the Executive and reviewed quarterly by the Audit, Risk and Finance Committee. Each area is responsible for effective management of risk through departmental risk registers.

Each quarter, the Board of Governors considers:

The Board has considered and agreed the Motability Foundation’s risk appetite. We seek to minimise exposure to regulatory and reputational risk. We are more open to strategic, financial, environment and external influence risk. For innovation, the risk appetite is moderate given the opportunities for future increased public benefit that successful innovation might provide.

We seek to develop our risk culture and use it to help to deliver our strategic ambitions.

A summary of the key risks and their mitigations is on pages 33-35. Further information on financial risks is given on pages 39-40.

32 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

PRINCIPAL RISKS AND MITIGATIONS

----- Start of picture text -----
RISK CATEGORIES RISK MANAGEMENT
Operational Risk Customer Service • [A robust control environment seeks continuous ]
Failures in systems, Perception that we don’t deliver improvement to meet evolving risk
processes or human error sufficient benefit or service to • [Regularly review beneficiary feedback and use ]
disrupt service delivery beneficiaries. it to update and enhance processes
and strategy execution. • [Complaints and public relations resources in place]
Cyber Security • [Access controls, data encryption and enforced data ]
Complex cyber threats risk data loss, loss prevention tools at email gateway
financial harm and reputational • [Deployed Sophos security solutions]
damage. • [Annual Cyber Incident Response Plan tests, regular ]
security awareness training, cyber insurance
regular secure offsite backups
Technology • [Board approved Digital Data and Technology ]
IT systems may not support current/ strategy
future needs, causing delays and • [Cloud-first migration strategy where applicable ]
inefficiencies.
Strategic Risk Strategy • [Strategy approved by Board of Governors – ]
Failure to evolve limits We fail to deliver a strategy sufficient March 2025
our impact on disabled to achieve our charitable objective • [A delivery plan and timetable with agreed ]
mobility. and meet stakeholder expectations. outcomes, monitoring and measurements
Insight • [Literature review, consultation with disabled ]
We do not keep up with, and
people, stakeholders and Board
understand, the changing • [Impact Grants Programme Phase 2 ]
requirements of disabled people. • [Regular review and evaluation of our programmes ]
to ensure they meet beneficiary needs
External Factors
• [Motability Operations management and Board ]
Market or other factors challenge the
monitor and respond to changing circumstances
delivery of the Motability Scheme. • [Oversight of the Scheme and liaison with ]
Motability Operations
• [Continuing monitoring of external environment]
• [Maintain strong stakeholder relationships]
External Influence External Stakeholders • [Government collaboration to assess the impact ]
We fail to show impact, Policy changes may cut benefits, of welfare reform on stakeholders
leading to perceptions of impacting grants and Scheme • [Monitor Government announcements, ]
poor resource use. demand. consultations, and policy-making process related
to benefits
Government relationships • [Governors Relations Steering Group meets ]
and political awareness regularly
Government policy shifts reduce • [Public affairs agency engaged to develop a ]
benefits, affecting grants and Scheme. UK-wide plan
• [Work closely with Motability Operations]
Reputation risk of • [Grant-making policies and guidance in place]
grant-making policy • [Clear approach to ‘value for money’ integrated ]
Grant-making can’t meet rising into decision making
expectations due to demand
and budget.
----- End of picture text -----

www.motabilityfoundation.org.uk 33

Annual Report and Accounts 2024/25

PRINCIPAL RISKS AND MITIGATIONS. Continued

----- Start of picture text -----
RISK CATEGORIES RISK MANAGEMENT
Reputational Risk Poor Scheme oversight perception • [Scheme Agreement with Motability Operations, ]
We operate in a way may damage trust and credibility. with documented rights and actions, a Capital
that damages the Management Policy and protocol on use of
trust, credibility or Scheme profits
public perception of the • [Regular oversight meetings, close liaison ]
Motability Foundation. with Motability Operations and an agreed
communications protocol
• [Regular updates to the Department for Work ]
and Pensions and Scottish Government
• [Engagement with ministers and advisory ]
committees
Financial Risk Investments • [Investment Committee and Board oversight]
Investment or funding Investment underperformance • [Investment Policy and Asset Allocation ]
issues may reduce our affects income. • [Professional advisers ]
capacity to meet charitable • [Regular review of fund manager performance ]
goals. against the CPI+4% target
Fraud • [Regular internal audit programme of fraud risk]
Motability is subject to fraudulent • [Established internal control environment, ]
activity. including authority limits and organisation-wide
training
• [Monitoring of third-party control environments ]
• [Fraud Response Plan ]
Inflation • [Monitor the financial impact of inflation on grant ]
Inflation increases costs and demand. demands and adjust spending plans as necessary
• [Continuous monitoring of cashflow positions ]
and forecasts of grant spending
• [Operational prudence seeking efficiencies and ]
value for money
Funding • [Scenario planning to provide short-term funding ]
Variable donations impact budget certainty
planning. • [Test and adjust approach adopted ]
• [Time-limited programmes and rationalisation ]
measures together with ‘scale up’ spending plans
• [Reserves Policy allows for potential variations ]
in timing and amounts
Compliance Risk Legal and Regulatory • [Mandatory regulatory training on joining and ]
Compliance with Charity Non-Compliance annually for all staff, and associated monitoring
Commission, OSCR and FCA Legal or regulatory breaches and reporting
requirements and ever- (e.g. GDPR) cause sanctions and • [Regular policy reviews ]
increasing ethical, legal reputational harm. • [Horizon scanning for regulatory change ]
and regulatory obligations. • [Regular programme of internal audits ]
Data Management • [Departmental Data Protection Champions]
Regulatory breaches
may result in fines and and Retention • [Full suite of data protection policies which are ]
reputational damage. Poor data management increases regularly refreshed
non-compliance and operational • [High-Level Digital Data and Tech Strategy]
risks.
----- End of picture text -----

34 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

PRINCIPAL RISKS AND MITIGATIONS. Continued

----- Start of picture text -----
RISK CATEGORIES RISK MANAGEMENT
Environment Risk Impact of the Transition Vehicle Challenge Mitigations:
EV transition may reduce to Electric Vehicles • [Collaborative vehicle design project]
mobility access and EV transition worsens mobility • [Policy and government engagement]
increase costs, impacting for disabled people if vehicles are
Scheme Challenge Mitigations:
Scheme perception. inaccessible or costly.
• [WAV strategy and transition to EV]
Grants Challenge Mitigations:
• [EV review team and framework to identify ]
exceptional cases for funding petrol and diesel
vehicles
• [Key positioning statements]
• [Complaints policy and operational plan ]
established
----- End of picture text -----

www.motabilityfoundation.org.uk 35

Financial Review and Results Ili/ //iii

Financial Review

Consolidated Accounts for the year ended 31 March 2025 are presented on pages 62-109.

The Motability Foundation’s charitable expenditure steadied to be in line with recent years. The record three-year goal of £350m charitable expenditure was met. There was no donation from Motability Operations. In a year of reasonable investment returns, total expenditure exceeded total income and gains, so total resources fell slightly.

Steadying Charitable Expenditure

After the significant rises in charitable expenditure in recent years, spending steadied in the light of deteriorating prospects for donations in the near term from Motability Operations, assisted by the greater availability of vehicles on the Motability Scheme at nil Advance Payment (and therefore not requiring a grant). Charitable expenditure was £113m as compared to last year’s all-time record of £124m. This brings charitable expenditure in the last three years to £350m, fulfilling the Governors’ aim to deliver the Motability Foundation’s largest ever three-year charitable spend of £350m in the years 2022/23 to 2024/25.

Within the total for charitable spending, grants fell by £12.5m to £88.6m (2023/24: £101m) with the main factor being Scheme-related grants, which fell by £13.2m, mainly in the final quarter of the year as vehicle supply improved. Other programmes largely offset each other – demand for Driving Lesson grants reduced following the introduction of the requirement that applicants pass their theory test first, whilst grant expenditure for multi-year grants to organisations grew as the programme to award the designated £50m concluded (expenditure will continue to be recognised for these grants for the next two years).

Other charitable spending fell modestly as existing activities matured in Innovation and a revised Scheme Agreement was concluded as part of our continued oversight of the Motability Scheme. Building Awareness spending reduced in preparation for the launch of new activities in the coming year. Support costs grew, mostly due to one-off factors: an initial phase of information technology upgrade; significant repairs to the Motability Foundation’s office roof; and a payment into the Motability Foundation’s defined benefit pension scheme to reduce future financial risks.

www.motabilityfoundation.org.uk 37

Annual Report and Accounts 2024/25

Analysis of Total Expenditure

----- Start of picture text -----
£1.3m
£12.5m
£29.6m
£11.8m
2024/25
£88.6m
----- End of picture text -----

2024/25 (£143.8m)

2024/25 (£143.8m)
■ Cost of RaisingFunds £29.6m
■Direct Grants £88.6m
■Direct Charitable Activity £11.8m
■Allocated Support Costs £12.5m
■Governance Costs £1.3m
Charitable Spend 79%
Cost of RaisingFunds 21%

----- Start of picture text -----
£1.1m
£10.7m
£18.9m
£11.4m
2023/24
£101.1m
----- End of picture text -----

2023/24 (£143.2m)

2023/24 (£143.2m)
■ Cost of RaisingFunds £18.9m
■Direct Grants £101.1m
■Direct Charitable Activity £11.4m
■Allocated Support Costs £10.7m
■Governance Costs £1.1m
Charitable Spend 87%
Cost of RaisingFunds 13%

Income and Gains

Total income fell from £311m to £54.2m. The main reason for the fall was the absence of a donation from Motability Operations in the year (2023/24: £250m to the Endowment). Meanwhile, investment income also fell.

In the medium-to-long term, donations from Motability Operations are the largest source of funding. In the near term, a donation is determined by Motability Operation’s financial performance and capital requirements. Motability Operations reported a loss for its most recent financial year given the inflationary pressure of motoring costs, insurance and other supply chain factors. Additionally, Motability Operations is investing into the Motability Scheme’s growth. Accordingly, Motability Operations did not make a donation in the year, and the prospects for a further donation in the near term have receded further.

Income, excluding Motability Operations donations, fell by £6.6m to £54.2m (2023/24: £60.8m). The main reason was general fund investments where income fell by £6.9m from £30.4 last year to £23.5m. General fund investments are invested in cash and short-term debt investments. These are sensitive to interest rates, which fell in the year, while charitable spending reduced general fund investments. A small rise in income from restricted fund investments matched a small fall in income from the Motability Endowment Trust’s (MET) investments as last year’s Motability Operations’ donation to the Endowment, initially invested in relatively high yield debt assets, was re-invested into lower-yielding, long-term investments.

Expenditure on raising funds rose to £30.6m (2023/24: £19.7m). These are principally investment management costs in the Endowment that grew to £27m (2023/24: £16.0m)

38 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

due to the growth in the Endowment’s value and due to performance fees as MET’s value peaked in the third quarter of the year before falling back somewhat by the year end.

There were modest gains on general and restricted funds due to falling interest rates. The Endowment recorded investment gains of £72.7m (2023/24: £218m). After a pension fund loss of £0.6m (2023/24: £0.3m loss), total gains were £77.6m (2023/24: £230m).

Net Result for the Year, Total Funds and Free Reserves

Net income before gains or losses was a deficit of £89.6m (2023/24: net income of £168m). After gains of £77.6m, the net movement in funds for the year was a fall of £12.5m (2023/24: a rise of £397m) to £2,167m (2023/24: £2,180m) as total expenditure outpaced income and investment returns. This level of total funds provides a secure base for future spending plans.

Within the net fall in funds for the year, the general fund recorded a deficit for the year of £87.2m (2023/24: £84.6m deficit). There was a surplus on restricted funds of £2.4m (2023/24: £2.3m surplus). Meanwhile, a year of solid investment returns on the Endowment saw its value grow by £72.3m (2023/24: £480m). Further detail about the Endowment can be found on pages 46-49.

Free reserves are a common measure of a charity’s financial resilience. Due to the immaterial level of tangible and intangible fixed assets, and the willingness to reconsider designations of general funds, the free reserves policy is the general fund reserves policy. Free reserves reduced by £72m to £318m (2023/24: £390m). This represented 2.5 years’ prospective spend (2023/24: 3 years), in line with the general fund reserve policy.

Summary

The Motability Foundation has responded over the last three years to record grant demand amidst a cost-of-living crisis and a now-easing global supply shortage of vehicles with a record three-year programme of charitable expenditure, helping more people than ever before through our grant programmes.

Financial Risks

The principal financial risks that the Motability Foundation faces derive from the Endowment portfolio (equity securities, debt instruments, property, infrastructure, other private investments, money market funds and cash) and the Motability Foundation’s general and restricted fund balances (debt instruments, money market funds and cash). These risks are inflation risk, market risk, credit risk and liquidity risk. In addition, there is income risk which includes limited fundraising risks.

MET manages its investment risks through a diversified portfolio of appropriate long-term asset investments that should earn returns expected to exceed the rate of inflation in the wider economy in the long term. As a longterm investor, MET accepts market volatility for long-term asset classes, particularly equities. MET, through its investment managers, partially hedges its foreign exchange positions into sterling to mitigate currency risk. The residual foreign exchange risk is accepted by MET and is kept under regular review.

The Motability Foundation manages its investment risks by diversifying its investments across appropriate cash and credit asset classes, including a bond liquidity ladder for the following nine to 12 months. The expected investment return is the Bank of England’s medium-term inflation target of 2 per cent p.a.. Whilst the Motability Foundation seeks

www.motabilityfoundation.org.uk 39

Annual Report and Accounts 2024/25

opportunities to improve low returns on secure investments (the average credit rating of these investments is typically A or AA), the Motability Foundation accepts the risk of some loss of real spending power for these funds. This ensures that these funds will maintain their nominal value with a high degree of confidence, thus meeting the Motability Foundation’s commitments to beneficiaries. Spending requirements for the next year are held solely in sterling, and other investments for general and restricted funds are hedged back into sterling. The credit assets portfolio typically has a weighted average modified duration of less than a year.

Income risk arises primarily because donations from Motability Operations may be lower or later than modelled. This is addressed through scenario modelling and the general funds reserves policy. Spending plans are adjusted as necessary. The risks to future donations from Motability Operations are discussed below in the ‘Outlook – Overview’ section. Investment returns may be lower than expected. The Motability Foundation receives professional advice on the returns to be expected from investments.

The Endowment fund means that the Motability Foundation can raise its sustainable level of spending over the modelled scenario periods providing some, but not full, assurance that support will be available to beneficiaries in the future. It is inherent to the income uncertainty faced by the Motability Foundation that charitable spending will rise and fall over time.

Charity fundraising is a regulated activity. The Motability Foundation does not solicit donations. We gratefully receive a small volume of spontaneous donations each year, shown as voluntary fundraising income. Other Trading

Activities income arises from sales of advertising space in Lifestyle magazine and from our affinity partnerships that are reviewed regularly to ensure that the products meet disabled people’s needs at a fair cost and that we comply with Financial Conduct Authority rules where appropriate.

The Motability Foundation acts as a conduit body to channel grants to Armed Forces’ veterans funded by Veterans UK, and those monies are dealt with in Note 21 to reflect that relationship. The risks to future donations from Motability Operations are discussed below in the ‘Outlook – Charitable Spending and Income’ section.

Reserves Policy and Position

The Motability Foundation holds monies in reserve (the reserves) to meet the operating needs of its activities, to exploit opportunities for beneficiaries and to cushion the Motability Foundation’s beneficiaries against financial risks. The reserves policy sets out the rationale for the amount of reserves held in each category of fund. The category of fund that monies fall into is determined by the donor, except for designated general funds where the purpose is determined by the Board of Governors as a reserved matter.

General Fund Reserve Policy

Unlike most charities, the Motability Foundation has a particularly significant and unpredictable primary income source – donations from Motability Operations from its surplus capital. For this reason, the Motability Foundation will normally hold between two and three years’ spending to cover the risks (and opportunities) of volatility in income and expenditure.

Given the unpredictable timing and scale of Motability Operations’ donations, general

40 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Charitable Expenditure by Grant Programme

----- Start of picture text -----
2024/25 (£88.6m) £23.5m
■ Scheme-Related Grants £59.3m 2024/25
■ Access to Mobility £5.8m
£5.8m
■ Organisations £23.5m
Total £88.6m £59.3m
£19.6m
2023/24 (£101.2m)
■ Scheme-Related Grants £72.4m £9.2m 2023/24
■ Access to Mobility £9.2m
■ Organisations £19.6m
Total £101.2m
£72.4m
----- End of picture text -----

fund reserves may be more than three years’ spending or less than one year’s spending from time to time. The Motability Foundation models its financial outlook every six months in five to 10-year scenarios which, as part of that exercise, updates the Motability Foundation’s expectations of the general fund reserves position across time.

At 31 March 2025, the general fund reserve stood at £342m (2023/24: £430m). Given General Fund Charitable Expenditure plans, this is expected to represent 2.7 years’ prospective charitable expenditure (2023/24: just over three years), underpinning the Motability Foundation’s plans for a similar level of future charitable spending in support of beneficiaries as in recent years.

Designated Fund Reserve Policy

Designated funds are part of general funds and nominated for a specific purpose by the Board of Governors. The designation(s) can be removed if financial circumstances necessitate this, so

normally designated funds are not distinguished within general funds for the purposes of this policy.

Within general funds, as at 31 March 2025, the Board of Governors had designated a reserve for Grants to Charities and Organisations to be awarded over the three years to 31 March 2025. The original sum of £50m has been awarded, and the amount still to be recognised in future charitable expenditure stood at £17.7m (2023/24: £32.8m).

Restricted Fund Reserve Policy

Restricted funds are subject to constructive trusts in law, which means they may only be used for the purpose nominated by the donor. A restricted fund will have a relevant time period, which may be for a decade or more. Investment income outweighed charitable expenditure, so the value of the restricted fund rose in the year to £48.4m (2023/24: £46.1m).

www.motabilityfoundation.org.uk 41

Annual Report and Accounts 2024/25

Expendable Endowment Fund Reserve Policy

The Motability Foundation’s Endowment fund is held by the Motability Endowment Trust (MET), a separate legal entity and a linked charity. MET’s sole purpose is to support the Motability Foundation, providing a degree of financial stability to enable the Motability Foundation’s grant programmes to continue when donations from Motability Operations fall below expectation or a donation cannot be made due to economic conditions. The Motability Foundation, in its role as sole corporate Trustee of MET, has determined that MET’s expendable Endowment reserve policy is:

The Endowment fund represents the net assets of MET. These rose in value by £72.3m to £1,776m (2023/24: £1,704m) due to positive investment returns in financial markets. Further detail on the performance of MET are on pages 46-49.

The Reserves Policy is reviewed annually by the Audit, Risk and Finance Committee, which may recommend amendments to the Board of Governors.

Investment Policy and Returns

The Motability Foundation’s general and restricted funds have specific investment policy provisions. General funds are invested in assets that provide short-term liquidity and are likely to preserve their nominal value and otherwise in diversified credit assets that are likely to earn a return in line with the Bank of England’s longterm inflation target of c. 2 per cent p.a.. At 31 March 2025, the Motability Foundation’s general fund investments were earning a weighted average yield of 5.52 per cent (2023/24: 5.96 per cent). Restricted funds are invested in assets that provide short-term liquidity and are likely to preserve their nominal value with a high degree of confidence and otherwise in diversified credit assets that are likely to earn a return in line with the Bank of England’s inflation target of 2 per cent p.a.. At 31 March 2025, the Motability Foundation’s restricted fund investments were earning a weighted average yield of 5.48 per cent (2023/24: 4.60 per cent).

MET’s investment policy is to invest in diversified long-term assets in accordance with an asset allocation and responsible investment policy so as to earn a long-term target investment return of CPI+4% after costs. More information can be found on MET and its investments on pages 46-49.

The Motability Foundation and MET pursue these investment policies that have an aligned approach to responsible investment. Advice on the investment policies, and on the respective portfolios, is received from Lane Clark & Peacock, Wilshire Associates and the Chief Investment Officer. The appointed managers’ Ethical,

42 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Social and Governance policies and investment processes have been reviewed during the year. The Board of Governors has reviewed the Motability Foundation’s and MET’s treasury and investment policies during the year.

General Fund Underlying Operating Deficits Over Time

As investment gains and losses can be volatile, and Motability Operations’ donations can be uncertain as to value and timing, excluding these significant but volatile figures gives a useful measure for the underlying rate that the Motability Foundation is using up its general funds – the general fund underlying operating deficits columns in the graphic on page 44. The Motability Foundation’s general fund charitable expenditure (purple line graph in the graphic on page 44) has grown in recent years, funded by donations from Motability Operations, and has now steadied. More recently, general fund investment income (yellow line graph in the graphic on page 44) has grown in the last two years as interest rates have risen and has now started to fall with lower interest rates on lower general fund investments.

Overall, the graphic shows the impact of rising general fund charitable expenditure has been softened by rising investment income in recent years, and this has led to the underlying general fund operating deficit running at c. £90m-95m p.a.. The Governors keep future spending plans under review. As discussed below, the outlook for donations from Motability Operations is uncertain, and future expenditure will be adjusted as necessary.

charged to the Statement of Financial Activities are shown in Note 8 to the accounts.

The defined benefit pension scheme closed to new members in 2005 and to future accrual in 2012. At 31 March 2025, the pension fund’s assets and liabilities were £16.1m and £16.5m (2023/24: £17.0m and £18.1m) respectively, resulting in a deficit of £0.3m (2023/24: deficit of £1.1m). Further information is given in Note 22 to the annual accounts. The last triennial actuarial valuation took place as at 31 March 2022, updated to 30 June 2022, and showed the Motability Scheme’s assets were £21.2m and its liabilities were £21.1m, resulting in a surplus of £0.1m in the year. The Motability Foundation made contributions of £1.6m (2023/24: £0.1m) in order to take advantage of higher interest rates (which reduce the liabilities calculated for defined benefit pension schemes) and move this pension scheme to a ‘low dependency on the employer’ status – a funding position that reduces future risks to charitable expenditure from the defined benefit pension scheme.

Outlook – Charitable Spending and Income

The Governors have set a planning range for charitable expenditure for future years around £130m p.a., lower than previously due to the receding near-term prospects for further donations from Motability Operations as growth in the Scheme places demands on Motability Operations’ surplus capital. With lower interest rates and falling general fund balances expected, investment income is also likely to be lower, and this would result in further annual deficits.

Pension Schemes

The Motability Foundation operates a defined contribution pension scheme for its employees and has a closed defined benefit pension scheme. The costs of the pension schemes

In 2024/25, the availability of nil Advance Payment vehicles rose in the second half of the year, depressing grant spend. This effect may or may not persist given uncertainties over the

www.motabilityfoundation.org.uk 43

Annual Report and Accounts 2024/25

General Fund Underlying Operating Deficits 2020-2025

£140

----- Start of picture text -----
£123.7M
£120 £113.1M £113.2M
£100
£78.8M
£80
£55.0M
£60
£38.4M
£40
£28.4M £21.8M
£16.7M
£20
£2.3M £0.8M
£1.3M
£0
2020 2021 2022 2023 2024 2025
Operating Deficit Income net of relevant costs Charitable Expenditure
Million £s
----- End of picture text -----

availability and pricing of future vehicles on the Motability Scheme, so spending may diverge from the indicated range. A growing pressure on spending is likely to be the increasing costs of providing wheelchair accessible vehicles and other complex adaptations – a particular issue is the costs of, or unsuitability for, adapting the base electric vehicles due to the method of their construction and their heavy dependence on software. Grants to organisations and charities should experience a lower level of inflation than that likely for Scheme-related grants, helping the new allocation of £50m over the next several years stretch further. Spending priorities will be reviewed where necessary to navigate these changing circumstances.

£145m). The balance of the cash required will be made up from asset disposals.

The restricted fund held cash, money market instruments, deposits and investment grade bonds maturing within one year of £21.2m (2023/24: £34.7m) with which to meet grant payments. Any further cash required will be made up from asset disposals.

At the year end, MET held cash and money market instruments of £57.4m (2023/24: £46.7m). MET also had contingent investment commitments of £150m (2023/24: £120m). The balance of cash required will be made up from asset disposals.

The Motability Foundation enters the next period in a satisfactory financial position and will continue to carefully plan expenditure to ensure it can provide medium-term support for beneficiaries.

Outlook – Liquidity and Going Concern At 31 March 2025, cash stood at £23.3m (2023/24: £33.6m). The Motability Foundation’s general fund held cash, money market instruments, deposits and investment grade bonds maturing within one year totalling £106.9m (2023/24:

Thus, at 31 March 2025, the total of cash to hand and maturing assets that can deliver cash if required in 2025/26 in the general and restricted funds to meet charitable expenditure and grant commitments is £126m (2023/24: £180m). Outstanding grants, which had been growing mainly due to the difficulty of sourcing vehicles for our beneficiaries, fell from last year’s peak to £65.6m (2023/24: £79.3m) as vehicle supply improved.

44 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

The diversified base of credit investments held by the general and restricted funds will ensure liquidity is available in good time should spending patterns change significantly. The cash on hand and maturing over the year will cushion charitable expenditure in the event of a shock to credit markets that might delay the ability to realise other investments for full value. The Governors are satisfied that the Motability Foundation and MET have the liquidity needed to meet expenditure and investment commitments in 2025/26.

The Motability Foundation reviews its future spending plans in 10-year scenarios every six months to allow for differing levels of future income, principally donations from Motability Operations, and different levels of future spending. General funds as at 31 March 2025 were £342m (2023/24: £430m), including the cash on hand and maturing from assets over the next 12 months outlined above. The Motability Foundation will reduce charitable spending where necessary. The Motability Foundation’s future plans, budgets, reserves levels and cash flow forecasts for a period of more than 12 months from the date of signature of these accounts have been prepared by management and reviewed by the Governors.

On this basis, the Governors believe that the going concern assumption continues to be appropriate and that the Motability Foundation has a sound financial basis upon which to plan for the future with no material uncertainty and has prepared the accounts on a going concern basis.

www.motabilityfoundation.org.uk 45

Annual Report and Accounts 2024/25

Motability Endowment Trust

Summary of the Year

Financial markets rose in the first three quarters of the financial year 2024/25 and dipped in the final quarter. Over the full year, Motability Endowment Trust’s (MET) total funds rose by £72.3m or 4.1 per cent to £1,776m (2023/24: £1,704m). The portfolio continues to mature as private asset classes are added to so as to be in line with the intended long-term asset allocations.

Context

The factors identified in last year’s commentary remain relevant. After a year where half the world’s population went to the polls, the geopolitical situation remains unsettled whilst interest rates, having tightened last year, began to ease – albeit more slowly than first expected – as inflation eased back towards the levels targeted by Central Banks. Investment markets made gains as a result, although sterling’s strength provided a headwind to performance. Markets became nervous about future economic prospects in the second half of the year.

donation from Motability Operations into longterm assets was concluded. An appropriate pool of cash and liquid debt securities remained at the year-end to fund ongoing commitments to invest into private asset classes.

During the year, within the long-term asset allocations, the phased acquisition of private assets – private credit, private equity and venture capital – continued. In the second half of the year, there was a reduction in global passively managed public equities in favour of non-US specialist active public equity managers, intended to reduce exposure to a perceived potential bubble in some areas of equity markets and to take opportunities in others.

The revised asset allocations are given in the table and illustrated in the graph on page 48, showing the evolution of the portfolio over recent years. The main feature is the steady growth in long-term investment asset classes, in part funded by the switch from debt and money market instruments.

Asset Allocations

As an investor, MET is focused on maintaining an investment portfolio capable of earning a long-term return in excess of inflation so as to maintain its spending power. Whilst progress towards its investment goal may be uneven across time, long-run historic data suggests this is a realistic goal. The Motability Foundation, as the corporate Trustee, reviewed the investment strategy during the year with MET’s advisers and concluded that it remains sound.

The process of investing last year’s £250m

Investment Performance

The value of the Endowment rose by £72.3m to £1,776m (2023/24: £1,704m). Last year’s rise in value of £480m was the result of two factors: the receipt of the £250m donation from Motability Operations to help the Endowment keep pace with growing numbers of disabled people; and net investment returns of £230m.

Gross investment returns this year were £99.3m (2023/24: £246m). These were made up of investment income of £26.6m (2023/24: £27.4m) and gains of £72.7m (2023/24: £218m). The

46 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

slight fall in investment income was due to the continuing move into lower-yielding long-term investments in private assets.

Public equities were once again the major contributor to performance, with a particularly strong third quarter. There were useful contributions to the year’s returns from real estate and infrastructure, and from private credit (in ‘other’ holdings). The rise in investment management costs to £27m (2023/24 £16m) reflects prior and current years’ growth in the value of investments as well as performance fees on the good returns across more than a year to 31 December 2024.

The positive performance in the year meant that the portfolio has been resilient against the relatively high inflation of the last two years, as measured by the UK Consumer Price Index (CPI), although this was insufficient to further narrow the gap to its long-term investment return target of CPI+4% after costs. As an Endowment, MET has the advantage conferred on long-term investors of being able to wait out periods of underperformance.

Governance and Management

MET’s sole purpose is to support the Motability Foundation. As disabilities are often long term, it is important to sustain the Motability Foundation’s grant-making for our beneficiaries. MET provides a degree of financial stability to the Motability Foundation’s grant-making activities, enabling grant programmes to continue when donations from Motability Operations fall below expectation or a donation cannot be made due to economic conditions. It is intended that the Endowment’s capital will only be drawn upon to fund ‘once-in-ageneration’ opportunities that will greatly and permanently improve transportation for disabled people because the resulting reduction

in beneficiary need will reduce the required size of MET.

The Motability Foundation is MET’s sole corporate Trustee. MET and the Motability Foundation have the same charitable objects. MET is an expendable Endowment, established by trust deed in September 2019, and legally registered as The Motability Endowment Trust with the Charity Commission in England and Wales as a linked charity under registration number 299745-1.

MET does not prepare separate Financial Statements; its results are presented within the Motability Foundation’s consolidated Financial Statements, including as the Endowment column in the Statement of Financial Activities, and in the Balance Sheets. MET’s Investment Committee operates within terms of reference delegated from the Trustee and within the scope of the investment policy, including an asset allocation strategy and a responsible investment policy, approved by the Trustee. The terms of reference for the Investment Committee and the investment policy are reviewed regularly. MET has appointed a Chief Investment Officer to advise upon and support the implementation of the investment policy and the monitoring of investment managers’ performance. The primary external investment adviser is Lane Clark & Peacock, and supplementary advice is received from Wilshire Associates on venture capital and private equity investment selection.

The investment policy targets a long-term investment return of inflation plus four per cent (CPI+4%, the inflation measure is the UK Consumer Price Index) after costs. This level of return is intended to maintain the capital of the Endowment and so support grant-making for future generations of beneficiaries. The

www.motabilityfoundation.org.uk 47

Annual Report and Accounts 2024/25

Investment Values by Asset Class at 31 March

----- Start of picture text -----
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
2021 2022 2023 2024 2025
£million
----- End of picture text -----

■ Equity Securities ■ Debt Securities ■ Infrastructure and Property ■ Other ■ Money Market Instruments ■ Cash

investment policy is communicated to MET’s fund managers. The fund managers’ ethical, social and governance engagement, policies and processes were kept under review during the year. Further fund managers were evaluated, including their approach to responsible investment, and appointed. The principal fund managers are noted on page 110.

The principal financial risks are set out along with their mitigation more fully in the Financial Review on pages 33-35. The Investment Committee reviewed inflation, market and currency risks against the context and outlook with their advisers and concluded that the longterm strategy of holding a portfolio of diversified long-term investments capable of delivering CPI+4% was sound. The Endowment portfolio is partially hedged into sterling given that the Motability Foundation’s expenditures are denominated in sterling; residual currency risk is

accepted. Counterparty risk is mitigated through diversifying fund managers and custodians, and by legal and investment due diligence. Liquidity risk is managed through cash flow forecasting, carefully sequencing buy and sell trades.

Outlook and Plans for the Future

As has been the case for some time, investment valuations in many parts of financial markets can best be described as ‘full’. This does not necessarily mean that they are unsustainable but does usually mean that future returns will be weaker for a period than the historic average. In what appears to be a more volatile world, the diversification in recent years of MET’s portfolio is likely to provide some protection should shocks to investment markets occur – the announcement of tariffs by the US in April 2025 (whatever the final outcome) is another example of these events. A long-term focus on investments capable of growing in line with

~~Valuations: £ million~~ ~~Valuations: £ million~~ ~~Investment performance fgures % p.a.~~ ~~Investment performance fgures % p.a.~~ ~~Investment performance fgures % p.a.~~
~~ASSET CLASS~~ ~~31 March~~ ~~31 March~~ ~~31 March~~ ~~31 March~~ ~~31 March~~ ~~Year to 31~~ ~~Year to 31~~ ~~Since~~
~~2021~~ ~~2022~~ ~~2023~~ ~~2024~~ ~~2025~~ ~~March 2024~~ ~~March 2025~~ ~~Inception~~
~~Equity Securities~~ ~~632~~ ~~858~~ ~~811~~ ~~1,074~~ ~~1,164~~ ~~23.1~~ ~~4.2~~ ~~10.1~~
~~Debt Securities~~ ~~173~~ ~~89~~ ~~9~~ ~~94~~ ~~55~~ ~~7.2~~ ~~6.0~~ ~~2.6~~
~~Infrastructure and Property~~ ~~-~~ ~~25~~ ~~147~~ ~~265~~ ~~284~~ ~~2.3~~ ~~5.5~~ ~~-0.3~~
~~Other~~ ~~95~~ ~~120~~ ~~126~~ ~~224~~ ~~266~~ ~~9.7~~ ~~3.8~~ ~~7.0~~
~~Money Market Instruments~~ ~~244~~ ~~131~~ ~~123~~ ~~42~~ ~~5~~ ~~3.2~~ ~~4.5~~ ~~1.7~~
~~Cash~~ ~~10~~ ~~12~~ ~~8~~ ~~5~~ ~~3~~ ~~3.3~~ ~~4.2~~ ~~1.5~~
~~Total~~ ~~1,154~~ ~~1,235~~ ~~1,224~~ ~~1,704~~ ~~1,777~~ ~~17.1~~ ~~4.3~~ ~~6.8~~
~~Long-term Performance Benchmark: CPI~~ ~~+4%~~ ~~8.3~~

48 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

inflation looks to remain appropriate. Periods of under- and over-performance should be expected.

MET will continue to seek out areas of financial markets that appear relatively under-valued whilst adding steadily to private asset classes to further diversify its portfolio. In the meantime, MET will keep its risks and fund managers’ performance under review. Liquidity is carefully monitored and remains sufficient for current plans.

Fully catching up on the long-term investment return target of CPI+4% may take some time and could be volatile in the current environment. Meanwhile, the Endowment’s long-term perspective means that the Trustee is confident that MET is well positioned to support disabled people to make the journeys they choose in the future.

www.motabilityfoundation.org.uk 49

Annual Report and Accounts 2024/25

Governors’ Report

Governors’ Report

The Accounts comply with the requirements of the Charities Act 2011, the Royal Charter and the Statement of Recommended Practice (SORP) 2019 and Financial Reporting Standard 102.

Chief Patron, Patrons, Life President and Life Vice-President, present Governors, any past Governors, and Members who served during the year are shown on page 111. Details of the registered office, key executive employees and professional advisers are shown on pages 110-112.

Rachael Badger, who has made a valuable contribution to the development of the Motability Foundation over the last five years as Director of Performance and Innovation, left during the year, and we wish her every success in the future.

Public and Charitable Benefit

The Charitable object of the Motability Foundation is to facilitate the relief and assistance of disabled people in connection with the provision of personal and other transportation.

Building a future where all disabled people have the transport options to make the journeys they choose is the Motability Foundation’s contribution to society throughout the United Kingdom.

This annual report reviews the work of the Motability Foundation over the past year. In reviewing performance and future aims, Governors have due regard for guidance published by the Charity Commission on public benefit and have complied with Section 17 of the Charities Act 2011 in this respect.

The Charity is governed by its Royal Charter, granted on 18 May 1988, incorporating amendments made on 8 December 2005, 11 November 2020 and 16 February 2022.

50 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Structure, Governance and Management Governors and Members

----- Start of picture text -----
Committee Structure and Purpose
Grant-Making
Audit, Risk Scheme
and Investment Nominations Remuneration
and Finance Oversight
Innovation Committee Committee Committee
Committee Committee
Committee
Honorary
Robin Hindle Ed Humpherson
Treasurer David Charles Manby MBE
Fisher OBE CB FCA
Hunter FCA
Richard Dr Juliana David Hunter David Hunter Ed Humpherson Richard
Cartwright ACA Onwumere FCA FCA CB FCA Cartwright ACA
Tony Davis Professor Tony Davis Merlyn Lowther Other Dr Hannah
William Webb Independent Governors Barham-Brown
members: as and when FRSA
Dr Hannah
Barham-Brown Peter required
FRSA Michael Oppenheimer
Harrison ACA
Jackie Driver (from Sept 24) Dipankar
OBE Shewaram
----- End of picture text -----

Audit and Risk Committee

Grant-Making and Innovation Committee

Scheme Oversight Committee

Investment Committee

to Motability’s Board of Governors in respect of the Motability Foundation and to the Corporate Trustee in respect of Motability Endowment Trust (MET)

Nominations Committee

Remuneration Committee

www.motabilityfoundation.org.uk 51

Annual Report and Accounts 2024/25

Structure, Governance and Management

Our Royal Charter sets out our governance structure, which includes Members and Governors.

The Board of Governors is ultimately responsible for the overall control and strategic direction of the Foundation and for the protection of its assets. The Board delegates specific responsibilities to its Committees, each of which has detailed terms of reference and reports to the Board. Where authority has not been formally delegated recommendations for changes in strategy or policy are authorised by the full Board.

Members

Any individual can apply to the Board for election as a Member, provided they are not a paid employee of the Motability Foundation. Members have a right to appoint Governors and vote at the AGM.

Governors

Governors are appointed from the membership at the AGM. If no current Member has the necessary skill or experience, the Board will seek a new Member. Governors are:

Governors are unpaid, although they may be compensated for loss of earnings and reimbursed for expenses (See Note 8 to the Financial Statements). Related parties are identified when new transactions arise and are set out in Note 8 to the Financial Statements.

Governors receive updates and information which is relevant to their role throughout the year. The Board normally meets formally in person four times a year, with additional meetings to discuss important strategic initiatives prior to decisions. Where necessary, decisions and actions may also be agreed by email between meetings.

Committees

The Board delegates specific responsibilities to its committees. Committees:

Chief Executive Officer

Day-to-day responsibility for running the Charity is delegated to the Chief Executive Officer (CEO). The CEO:

Motability Enterprises Limited

The Motability Foundation has one wholly owned subsidiary, Motability Enterprises Limited, about which further details are given in Note 2 to the Financial Statements.

52 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Motability Endowment Trust

The Motability Foundation is the sole corporate Trustee of the Motability Endowment Trust.

Governance Review

The Board supports the principles of good governance as set out in the Charity Governance Code and continues to measure successfully against the principles of the Charity Governance Code.

As recommended by the Code, every three years the Board commissions an independent review of its performance, and in the intervening years undertakes a self-evaluation process.

The Audit and Risk Committee’s terms of reference were reviewed during the year, and in light of that review, was renamed the Audit, Risk and Finance Committee (ARFC). ARFC completed a self-assessment exercise, whilst reviews of the implementation of recommendations from reviews of Grant-Making and Scheme Oversight by Farrer and Co were also completed in the year.

The Governors consider the Charity Commission’s guidance on public benefit when reviewing the Motability Foundation’s objective, plans and activities.

Companies Act 2006 section 172

While the Motability Foundation (as a corporation) has no formal requirement to comply, we consider it good practice to include a statement in the Strategic Report which demonstrates how Governors have voluntarily complied with the matters in Section 172 (1) (a)-(f) of the Companies Act 2006. We recognise the importance of demonstrating that we act fairly as between members of the company. To ensure responsible decisions are made, we engage effectively with our wide variety of stakeholders on whom the future success of the Motability Foundation depends. This helps us

ensure that decisions are sustainable in the long term and do not disproportionately affect any single stakeholder group. The Board notes the significant decisions made during the year and our relationships with key stakeholders below.

SIGNIFICANT DECISIONS

We wish to offer a range of mobility solutions to meet different needs

Relationship with Motability Operations and their delivery of the Motability Scheme

www.motabilityfoundation.org.uk 53

Annual Report and Accounts 2024/25

Relationship with Beneficiaries, Suppliers, Other Charities and Not-For-Profit Organisations

Key Stakeholders

closely with the adaptations department of Motability Operations on delivery matters. The Motability Foundation has contractual arrangements and grant agreements with other parties to deliver services for beneficiaries; each includes a performance framework enabling evaluation and learning for developing assistance to meet beneficiary needs

Statement of Trustees Responsibilities and Corporate Governance

The Governors, as Trustees, are responsible for preparing the Governors’ Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Statements (United Kingdom generally Accepted Accounting Practice), including FRS

54 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

102, the reporting standard applicable in the UK and the Republic of Ireland, Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006.

The law applicable to charities in England and Wales requires Financial Statements for each financial year to be prepared by the Governors. These should be a true and fair view of the state of affairs of the Motability Foundation and the Group, and of the income and application of resources of the Motability Foundation for that period in preparing these Financial Statements.

The Governors are required to:

The Governors are responsible for keeping proper accounting records that disclose, with reasonable accuracy and at any time, the financial position of the Group and enable them to ensure that the Financial Statements comply with the Charities Act 2011, Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the Group and the Motability Foundation, and for taking reasonable steps for the prevention and

detection of fraud and other irregularities.

In so far as the Governors are aware:

Slavery and Human Trafficking Statement

In accordance with our core values, the Motability Foundation is committed to the principles stated in the Modern Slavery Act 2015 and the abolition of modern slavery and human trafficking. We have a zero-tolerance approach to modern slavery. We:

By Order of the Board Charles Manby MBE Chair 15 July 2025

www.motabilityfoundation.org.uk 55

Annual Report and Accounts 2024/25

Independent Auditor’s Report to the Governors (Trustees) of Motability for the year ended 31 March 2025

Independent Auditor’s Report to the Governors (Trustees) of Motability

Opinion On The Financial Statements

In our opinion, the Financial Statements:

We have audited the Financial Statements of Motability (“the Parent Charity”) and its subsidiaries (“the Group”) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Statement of Financial Activities (Charity Only), the Balance Sheets, the Consolidated Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Basis For Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of

the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remain independent of the Group and the Parent Charity in accordance with the ethical requirements relevant to our audit of the Financial Statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions Related To Going Concern

In auditing the Financial Statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the Financial Statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group and the Parent Charity’s ability to continue as a going concern for a period of at least 12 months from when the Financial Statements are authorised for issue.

Our responsibilities, and the responsibilities of the Trustees, with respect to going concern are described in the relevant sections of this report.

Other Information

The Trustees are responsible for the other information. The other information comprises the information included in the Annual Report and Accounts, other than the Financial Statements and our Auditor’s Report thereon. Our opinion on the Financial Statements does not cover the other information and,

www.motabilityfoundation.org.uk 57

Annual Report and Accounts 2024/25

except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Financial Statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the Financial Statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters On Which We Are Required To Report By Exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion;

fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.

In preparing the Financial Statements, the Trustees are responsible for assessing the Group’s and the Parent Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the Parent Charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities For The Audit Of The Financial Statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor’s Report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements.

Responsibilities Of Trustees

As explained more fully in the Statement of Trustees’ Responsibilities and Corporate Governance, the Trustees are responsible for the preparation of the Financial Statements and for being satisfied that they give a true and

Extent To Which The Audit Was Capable Of Detecting Irregularities, Including Fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations.

58 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

Non-compliance with laws and regulations

Based on:

The Group is also subject to laws and regulations where the consequence of noncompliance could have a material effect on the amount or disclosures in the Financial Statements; for example, through the imposition of fines or litigations. We identified such laws and regulations to be the health and safety legislation, Charities Act 2011, data protection and Financial Conduct Authority regulation.

Our procedures in respect of the above included:

Fraud

We assessed the susceptibility of the Financial Statements to material misstatement, including fraud. Our risk assessment procedures included:

Based on our risk assessment, we considered the areas most susceptible to fraud to be management override of controls, significant accounting estimates and income recognition.

Our procedures in respect of the above included:

www.motabilityfoundation.org.uk 59

Annual Report and Accounts 2024/25

– Audit testing a sample of payments, grants awards and commitments, ensuring these have been made in accordance with authority limits, award letters and internal control procedure

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including component engagement teams, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Our audit procedures were designed to respond to risks of material misstatement in the Financial Statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the Financial Statements, the less likely we are to become aware of it.

Use Of Our Report

This report is made solely to the Charity’s Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008 and the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the Charity’s Trustees those matters we are required to state to them in an Auditor’s Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for our audit work, for this report, or for the opinions we have formed.

BDO LLP, Statutory Auditor London, UK 18 July 2025

BDO LLP is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).

A further description of our responsibilities for the audit of the Financial Statements is located at the Financial Reporting Council’s (“FRC’s”) website at: https://www.frc.org.uk/auditorsresponsibilities.

This description forms part of our Auditor’s Report.

60 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Financial Statements for the year ended 31 March 2025

Annual Report and Accounts 2024/25

www.motabilityfoundation.org.uk 03

Consolidated Statement of Financial Activities

for the year ended 31 March 2025

Unrestricted Unrestricted Restricted Endowment Group Unrestricted Restricted Endowment Group
Funds Funds Fund Funds Funds Funds
Fund		 Funds
2025 2025 2025 2025 2024 2024
2024		 2024
Note £’000 £’000 £’000 £’000 £’000 £’000
£’000		 £’000
Income and Endowments from:
Voluntary Fundraising Income 92 -
-
92		 150 -
-
150
Motability Operations Donations -
-
-
-
-
-
250,000		 250,000
Donations and Legacies 92 -
-
92		 150 -
250,000		 250,150
Other Trading Activities 1,186 -
-
1,186		 916 -
-
916
Income from Investments 3 23,491 2,284 26,617 52,392 30,437 1,620
27,372		 59,429
Other Income 4 521 -
-
521		 446 -
-
446
Total Income and Endowments 25,290 2,284 26,617 54,191 31,949 1,620
277,372		 310,941
Expenditure on:
Raising Funds 6 3,496 52 27,008 30,556 3,557 79
16,020		 19,656
Charitable Activities:
Grants to Individuals 80,249 15 -
80,264		 96,211 (135)
-
96,076
Grants to Organisations 28,947 -
-
28,947		 23,072 -
-
23,072
Build Awareness 2,169 -
-
2,169		 2,452 -
-
2,452
Innovation 1,413 -
-
1,413		 1,507 -
-
1,507
Motability Scheme 412 -
-
412		 451 -
-
451
Total Charitable Expenditure 5 113,190 15 -
113,205		 123,693 (135)
-
123,558
Total Expenditure 116,686 67 27,008 143,761 127,250 (56) 16,020 143,214
~~Net (Expenditure) / Income Before~~
~~(Losses) / Gains on Investments~~ ~~(91,396)~~ ~~2,217~~ ~~(391)~~ ~~(89,570)~~ ~~(95,301)~~ ~~1,676~~
~~261,352~~		 ~~167,727~~
Net Gains on Investments 11 4,741 171 72,680 77,592 10,931 641
218,432		 230,004
~~Net (Expenditure) / Income~~ ~~(86,655)~~ ~~2,388~~ ~~72,289~~ ~~(11,978)~~ ~~(84,370)~~ ~~2,317~~
~~479,784~~		 ~~397,731~~
Other Realised Gains and Losses
Actuarial (Loss) on
Defned Pension Scheme 22 (565) -
-
(565)		 (266) -
-
(266)
~~Net Movement in Funds~~ ~~(87,220)~~ ~~2,388~~ ~~72,289~~ ~~(12,543)~~ ~~(84,636)~~ ~~2,317~~
~~479,784~~		 ~~397,465~~
Fund Balances at 1 April 429,690 46,059 1,704,186 2,179,935 514,326 43,742
1,224,402		 1,782,470
~~Fund Balances at 31 March~~ ~~18, 19, 20~~ ~~342,470~~ ~~48,447~~ ~~1,776,475~~ ~~2,167,392~~ ~~429,690~~ ~~46,059~~
~~1,704,186~~		 ~~2,179,935~~

There were no other recognised gains or losses other than those listed above and the net income for the year. The Notes on pages 66-109 form an integral part of the Financial Statements. All the Group’s financial activities in this and the prior year were continuing. The Endowment Fund column represents the financial activities of the Motability Endowment Trust.

62 www.motabilityfoundation.org.uk

Statement of Financial Activities (Charity Only)

for the year ended 31 March 2025

Unrestricted Restricted Endowment
Charity Unrestricted Restricted Endowment
Charity
Funds
Funds
Fund
Funds
Funds
Funds
Fund
Funds
2025
2025
2025
2025
2024
2024
2024
2024
Note
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Income and Endowments from:
Voluntary Fundraising Income
480
-
-
480
492
-
-
492
Motability Operations Donations
-
-
-
-
-
-
250,000
250,000
Donations and Legacies
480
-
-
480
492
-
250,000
250,492
Income from Investments
23,480
2,284
26,617
52,381
30,429
1,620
27,372
59,421
Other Income
521
-
-
521
456
-
-
456
Total Income and Endowments
24,481
2,284
26,617
53,382
31,377
1,620
277,372
310,369
Expenditure on:
Raising Funds
1,306
52
27,008
28,366
1,993
79
16,020
18,092
Charitable Activities:
Grants to Individuals
80,249
15
-
80,264
96,211
(135)
-
96,076
Grants to Organisations
28,947
-
-
28,947
23,072
-
-
23,072
Build Awareness
3,551
-
-
3,551
3,445
-
-
3,445
Innovation
1,413
-
-
1,413
1,507
-
-
1,507
Motability Scheme
412
-
-
412
451
-
-
451
Total Charitable Expenditure
114,572
15
-
114,587
124,686
(135)
-
124,551
Total Expenditure
115,878
67
27,008
142,953
126,679
(56)
16,020
142,643
~~Net (Expenditure) / Income Before~~
~~(Losses) / Gains on Investments~~
~~(91,397)~~
~~2,217~~
~~(391)~~
~~(89,571)~~
~~(95,302)~~
~~1,676~~
~~261,352~~
~~167,726~~
Net Gains on Investments
11
4,741
171
72,680
77,592
10,931
641
218,432
230,004
~~Net (Expenditure) / Income~~
~~(86,656)~~
~~2,388~~
~~72,289~~
~~(11,979)~~
~~(84,371)~~
~~2,317~~
~~479,784~~
~~397,730~~
Other Realised Gains and Losses
Actuarial (Loss)
on Defned Pension Scheme
22
(565)
-
-
(565)
(266)
-
-
(266)
~~Net Movement in Funds~~
~~(87,221)~~
~~2,388~~
~~72,289~~
~~(12,544)~~
~~(84,637)~~
~~2,317~~
~~479,784~~
~~397,464~~
Fund Balances at 1 April
429,674
46,059
1,704,186
2,179,919
514,311
43,742
1,224,402
1,782,455
~~Fund Balances at 31 March~~
~~18, 19,20~~
~~342,453~~
~~48,447~~
~~1,776,475~~
~~2,167,375~~
~~429,674~~
~~46,059~~
~~1,704,186~~
~~2,179,919~~
~~u~~
~~, ,~~

There were no other recognised gains or losses other than those listed above and the net income for the year. The Notes on pages 66-109 form an integral part of the Financial Statements. All the Charity’s financial activities in this and the prior year were continuing. The Endowment Fund column represents the financial activities of the Motability Endowment Trust.

www.motabilityfoundation.org.uk 63

Annual Report and Accounts 2024/25

Balance Sheet (Group and Charity)

as at 31 March 2025

Group
Group
Charity
Charity
2025
2024
2025
2024
Note
£’000
£’000
£’000
£’000
Intangible Fixed Assets
10
935
1,271
935
1,271
Tangible Fixed Assets
10
6,100
6,127
6,100
6,127
Fixed Asset Investments
11, 12
2,127,120
2,110,054
2,127,120
2,110,054
~~Fixed Assets~~
~~2,134,155~~
~~2,117,452~~
~~2,134,155~~
~~2,117,452~~
Debtors
13
7,194
7,868
7,422
8,092
Current Asset Investments
11, 12
87,036
119,527
87,036
119,527
Cash at Bank and in Hand
23,329
33,633
22,996
33,344
~~Current Assets~~
~~117,559~~
~~161,028~~
~~117,454~~
~~160,963~~
Creditors: Amounts Falling Due within One Year
14
(83,157)
(96,622)
(83,068)
(96,573)
~~Net Current Assets~~
~~34,402~~
~~64,406~~
~~34,386~~
~~64,390~~
~~Total Assets Less Current Liabilities~~
~~2,168,558~~
~~2,181,858~~
~~2,168,541~~
~~2,181,842~~
Provisions
15
(834)
(776)
(834)
(776)
~~Net Assets (excluding Pension Liability)~~
~~2,167,724~~
~~2,181,082~~
~~2,167,707~~
~~2,181,066~~
Defned Beneft Pension Scheme Liability
22
(332)
(1,147)
(332)
(1,147)
~~Net Assets~~
~~2,167,392~~
~~2,179,935~~
~~2,167,375~~
~~2,179,919~~
Endowment Funds
20
1,776,475
1,704,186
1,776,475
1,704,186
Restricted Income Funds
19
48,447
46,059
48,447
46,059
General Unrestricted Funds
18
342,470
429,690
342,453
429,674
~~Total Funds~~
~~2,167,392~~
~~2,179,935~~
~~2,167,375~~
~~2,179,919~~

The Notes on pages 66-109 form an integral part of the Financial Statements.

The Financial Statements on pages 62-65 were approved and authorised for issue by the Board of Governors on 15 July 2025, and were signed on its behalf by:

Charles Manby MBE, Chair

David Hunter FCA, Hon. Treasurer

The Endowment Funds balance refers to the Motability Endowment Trust.

64 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Consolidated Cash Flow Statement

for the year ended 31 March 2025

Notes
Group 2025
Group 2024
£’000
£’000
~~Net (Expenditure) / Income for the Year (as per the Statement of Financial Activities) (11,980)~~
~~397,731~~
Adjustments for Non-Cash Items
Decrease / (Increase) in Debtors
13
674
(1,644)
(Decrease) / Increase in Creditors
14
(13,465)
10,646
(Decrease) in Creditors >1yr
-
(10)
Increase / (Decrease) in Provisions
15
58
(304)
Reinvested Investment Income
11
(24,451)
(30,682)
Investment Management Fees Charged to Capital
11
26,405
13,930
Amortisation
10
373
291
Depreciation
10
372
1,031
Impairment
10
-
610
(Gain) on Disposal of Tangible Fixed Assets
10
(3)
(10)
FRS 102 Pension Adjustment
22
(1,380)
144
Investment (Gains) in the Year
11
(77,592)
(230,004)
Adjustments to exclude Investment Activities
Investment Income Received
(27,490)
(27,109)
Interest Income Received
(781)
(732)
Investment Fees Paid
1,043
1,187
Adjustments to exclude Financing Activities
Receipt of Endowment
-
(250,000)
~~Net Cash Flows used in Operating Activities~~
~~(128,217)~~
~~(114,925)~~
Cash Flows from Investing Activities:
Investment Income
27,490
27,109
Interest Income
781
732
Investment Management Fees Paid
(1,043)
(1,187)
Purchases of Intangible Fixed Assets
10
(36)
(656)
Purchases of Tangible Fixed Assets
10
(346)
(6,589)
Proceeds from Sales of Fixed Assets
4
3
10
Purchases of Fixed Assets Investments
(529,709)
(594,723)
Proceeds from Sales of Fixed Assets Investments
586,000
378,536
Purchases of Current Assets Investments
(99,619)
(112,419)
Proceeds from Sales of Current Assets Investments
134,358
176,389
Increase in Investment Cash
11
34
922
~~Net Cash Flows from / (used in) Investing Activities~~
~~117,913~~
~~(131,876)~~
Cash Flows from Financing Activities:
Receipt of Endowment
-
250,000
~~Net Cash Flows provided by Financing Activities~~
~~-~~
~~250,000~~
Change in Cash and Cash Equivalents for the Year
(10,304)
3,199
Cash and Cash Equivalents Brought Forward
33,633
30,434
~~Cash and Cash Equivalents~~
~~23,329~~
~~33,633~~
Consolidated Analysis of Changes in Net Debt
Cash
Fair Value
Other Non-Cash
1 April 24
Flows
Movements
Movements
31 March 25
Group
Cash at Bank and in Hand
33,633
(10,304)
-
-
23,329
Debts Due within One Year
-
-
-
-
-
Debts Due after One Year
-
-
-
-
-
~~Total Net Debt~~
~~33,633~~
~~(10,304)~~
~~-~~
~~-~~
~~23,329~~

The Notes on pages 66-109 form an integral part of the Financial Statements.

www.motabilityfoundation.org.uk 65

Annual Report and Accounts 2024/25

Notes to the Financial Statements

1. Accounting Policies

A. Corporate and Charitable Status

Motability, operating as the Motability Foundation, is a public benefit entity incorporated by Royal Charter, Corporation no. RC000716 and registered with the Charity Commission, Charity no. 299745, in England and Wales. Scotland OSCR Registration SC050642.

B. Basis of Preparation and Consolidation Group Financial Statements have been prepared in respect of the Motability Foundation and its wholly owned subsidiary, Motability Enterprises Limited.

The Financial Statements have been prepared in accordance with the accounting policies set out in Notes to the Accounts and comply with the Charity’s governing document, applicable UK accounting standards (UK Generally Accepted Accounting Practice), including Financial Reporting Standard 102, the Charities Act 2011, and Accounting and Reporting by Charities: Statement of Recommended Practice, applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland, updated in 2019.

The Financial Statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April

2005 which has since been withdrawn.

The Motability Foundation is the sole corporate Trustee of the Motability Endowment Trust (MET), a linked charity which shares the Charity number (with the suffix ‘-1’) and has the same charitable objects.

The assets and liabilities of MET have been included with those of the Charity on a lineby-line basis and included in the column ‘Endowment’ where appropriate. This fulfils the requirement to show the accounts of a linked charity as the Motability Foundation’s only Endowment assets, liabilities and activities are those of MET. MET supports the Motability Foundation’s charitable purposes through the returns MET earns on its assets. The principal activity during the year was investing in appropriate and diversified assets so as to obtain a long-term return of CPI +4%.

Motability Enterprises Limited (MEL) is incorporated in the United Kingdom and registered in England and Wales. MEL’s Financial Statements have been consolidated with those of the Charity on a line-by-line basis. The principal activities of Motability Enterprises Limited during the year were the raising of funds for the Charity by commission received from home and travel insurance partners, and from the publication of Lifestyle magazine. Further details about the activities of the company can be found in Note 2.

The Motability Foundation, as the Parent Charity, has taken the qualifying entity exemption under FRS 102 from preparing its own cash flow statement. The most significant areas of judgement and estimation in applying these accounting policies to the Financial Statements are deemed to be in relation to the valuation of non-listed investments as set out below in Note Q.

66 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

The Financial Statements have been prepared in pounds sterling, which is the functional currency of the Motability Foundation and its subsidiary. Monetary amounts in these Financial Statements are rounded to the nearest £’000.

C. Going Concern

As noted in the financial review section of the Annual Report for the year ended 31 March 2025, the Motability Foundation has reviewed its future spending plans in five-year scenarios to allow for differing levels of future donations from Motability Operations and income generated by MET’s Endowment and differing spend rates.

Delays in beneficiaries claiming grants are reducing as vehicle supply is normalising. Communication with beneficiaries continues to confirm that grants will be claimed when a suitable vehicle is available. Therefore, grant commitments made in the year and outstanding as at 31 March 2025 are stated at full value.

The General Fund held cash, money market fund balances, deposits and investment grade bonds maturing within one year totalling £104m (2024: £145m). Further investments, including money market funds and relatively liquid investments such as listed equities, are held within the restricted and expendable Endowment funds. The Motability Foundation will seek to maintain core spending on beneficiaries and will curtail discretionary grant programmes where necessary to achieve this end.

The Motability Foundation’s future financial plans, budgets, reserves levels and cash flow forecasts for a period of more than 12 months from the date of the signature of the accounts have been prepared by management and

reviewed by the Governors.

On this basis, the Governors believe that the going concern assumption continues to be an appropriate basis on which to prepare these statements. The Endowment of MET is expendable, although the current policy of the Trustee is, where possible, to invest the assets of MET to retain the real value of the Endowment while also generating sufficient return so as to enhance the stability and scale of grant-making and other charitable activities as may be determined from time to time by the Trustee. The Motability Foundation’s and MET’s investments are stated at fair value at 31 March 2025.

There are no material uncertainties related to events or conditions that cast significant doubt upon the entity’s ability to continue as a going concern.

D. Income

Income is accounted for when the Charity is entitled to the income, and when it is probable the income will be received and the amount can be measured reliably.

www.motabilityfoundation.org.uk 67

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

has been declared and notification has been received of the dividend due

E. Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Staff costs comprise salaries and social security contributions, contributions to the Charity’s defined contribution scheme and the charge to the Statement of Financial Activities (SoFA) in respect of the defined benefits pension scheme. Any annual leave that an employee has accrued but not yet taken as at 31 March is calculated at the pro-rata cost of these days. The cost is included within the SoFA, with a corresponding liability shown as falling due within one year.

Termination benefits may occur where the Charity has agreed to terminate the employment of an employee and are included within the Financial Statements when the payment has been formally agreed or a detailed formal plan for the termination from which the Charity is realistically unable to withdraw exists. The amount of termination benefit shown is either the amount agreed in the period, or the Charity’s best estimate of the expenditure required to settle the obligation.

68 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

F. Tangible and Intangible Fixed Assets

Assets are included on the balance sheet at cumulative historical cost less depreciation and any impairments in accordance with FRS 102. The cost of tangible fixed assets is their purchase price including associated costs such as taxes and legal fees, together with any costs directly attributable to bringing the asset into working condition for its intended use; and subsequent dilapidations or decommissioning costs anticipated which are provided for.

Assets in the course of construction are stated at cost and are not depreciated until available for use. Expenditure on fixed assets is capitalised where individual items cost £1,000 or more.

Tangible fixed assets are depreciated on a straight-line basis over their anticipated useful lives as follows:

are included in investment management costs for the year) except for those investments which are held at fair value through the SoFA and financing transactions, which are held at the present value of the future payments discounted at a market rate of interest for a similar debt instrument through the SoFA.

The total investment management costs charged to the Motability Foundation’s investments are recognised in the cost of raising funds, including charges deducted within portfolios and funds by investment managers. Investment gains and losses are adjusted by the amount of these indirect charges so that asset values are stated accurately for investments. The value of these adjustments is not material to asset values.

The majority of the Charity and Group’s financial assets and financial liabilities are of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value, with the exception of listed investments which are held at fair value through the SoFA.

Intangible fixed assets are amortised over their anticipated useful lives as follows:

Capital commitments as at 31 March 2025 are disclosed in Note 23.

G. Financial Assets and

Liabilities including Investments

Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are measured at their transaction price (transaction costs

The Charity and Group also hold a smaller amount of unquoted investments, which are valued at the best estimate of fair value as follows:

www.motabilityfoundation.org.uk 69

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

equity, are held through funds managed by private equity groups. As there is no identifiable market price for private asset funds, these funds are included at the most recent valuations from the private asset groups where:

Financial Assets measured at fair value as at 31 March 2025 are disclosed in Note 12.

revaluation of investments to fair value at the balance sheet date.

Transactions denominated in foreign currency are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are translated at the exchange rate ruling at the balance sheet date. All gains and losses on exchange, realised and unrealised, are included in the appropriate income or expenditure category in the SoFA.

Investment purchases and proceeds are based on portfolio transactions where the Motability Foundation or MET instruct those transactions. Where the manager has discretion to transact, the additions to or withdrawals from those portfolios are shown as purchases of or proceeds from investments. This policy was revised during the previous financial year to remove sales and purchases for certain discretionary mandate portfolios (and use withdrawals and additions instead).

Derivative financial instruments

Managers of segregated funds may enter into derivatives as part of their portfolio risk management. Fair values of these derivatives are provided by the fund managers.

The Motability Foundation’s fund managers may use forward contracts to manage currency exposures. Where this occurs, the value of the forward contracts are accounted for at the fair values supplied by the fund managers. Investment in the subsidiary Motability Enterprise Limited is unquoted and held at cost less impairment.

Net realised and unrealised gains and losses on investments are recognised within the SoFA. Gains and losses are realised when an investment is disposed of in the year. Unrealised gains and losses arise on the

H. Fund Accounting

Expendable Endowment Funds are held and invested to provide a return to support general fund expenditure on the Motability Foundation’s objects. The capital of the Endowment may be spent. Given the importance of the regular returns expected to be received from the Endowment, in order to support grant-making in years of low or no donations from Motability Operations, the Governors aim to preserve the real value of the capital and the return on it over the long term. They have determined that the Endowment’s capital should only be spent in exceptional circumstances, such as a ‘once-in-a-lifetime’ opportunity to make a permanent systemic improvement to the transport opportunities for all disabled people.

70 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

Restricted funds are funds subject to specific restrictions imposed by the donor. These funds are held by the Motability Foundation until spent in accordance with the terms of the donation.

Unrestricted funds comprise the accumulated movement on funds available for use at the absolute discretion of the Governors.

Unrestricted funds may be transferred to a restricted fund in order to support that specific activity. Any transfer between funds requires the Approval of the Audit, Risk and Finance Committee. Designated funds comprise funds which Governors have set aside for a particular activity or purpose. If funds are unspent funds at the end of a project or activity, they are transferred to unrestricted funds or may be designated for another purpose.

are measured at fair value and liabilities are measured on an actuarial basis using the defined accrued benefits method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent currency and term to the scheme liabilities. Actuarial valuations are obtained at least triennially and are updated at each balance sheet date. The resulting defined benefit asset or liability is presented separately after other net assets on the face of the balance sheet.

The Charity also operates a defined contribution scheme, and the amount charged to the Consolidated SoFA in respect of pension costs and other post-retirement benefits is the contributions payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.

I. Pension Costs

The Charity operates a defined benefit pension scheme for certain employees. The scheme was closed to new members from October 2005. The amounts charged to the SoFA are the costs arising from employee services rendered during the period and the cost of plan introductions, benefit changes, settlements and curtailment. They are included as part of staff costs.

The net interest cost on the defined benefit liability is charged to the SoFA and included within support costs. Re-measurement comprising actuarial gains and losses and the return on scheme assets (excluding amounts included in net interest on the net defined benefit liability) are recognised immediately in the SoFA.

The defined benefit scheme is funded, with the assets of the scheme held separately from those of the Group, in separate Trusteeadministered funds. The pension scheme assets

J. Leases

As there are no finance leases, all leases are classified as operating leases, with the lease payments recognised as an expense over the lease term on a straight-line basis. No leases fall to be capitalised under this policy.

The Motability Foundation lets out part of its owned property as an operating lease. Rental income is recognised on a straight-line basis over the lease term. All direct costs are recognised as expenses over the lease term on the same basis as rental income. The property is accounted for on our balance sheet as a fixed asset and depreciated.

K. Accounting for PIP Transitional Grants

In 2013, the DWP announced that Personal Independence Payment (PIP) would replace Disability Living Allowance (DLA) as a disability benefit as part of the Welfare Reform changes. PIP has different qualification criteria compared

www.motabilityfoundation.org.uk 71

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

with DLA, and this leads to some individuals losing their benefit. In these circumstances, a support payment is made to individuals who joined the Scheme up to 2013.

The Department for Work and Pensions’ programme of reassessing DLA recipients to PIP has been inactive since Covid. The ongoing commitment to Rising 16s, who transition from DLA to PIP on their sixteenth birthday, until 2026/27, will be met and funded from the restricted fund.

L. Debtors

Trade and other debtors are recognised at the settlement amount. Investment income owed is accrued at its anticipated receipt value. Prepayments are valued at the amount prepaid net of any trade discounts due.

M. Current Investments and Cash

Current Asset Investments are investments that are expected to be wholly or substantially expended within 12 months of the Balance Sheet date. These consist of general fund deposits with a maturity of 90 days or more from the date of acquisition, and general fund listed debt securities with a maturity of less than one year.

Cash and cash equivalents are amounts which are immediately available, without risk of degradation of value.

Cash held by Fund Managers in discretionary mandates is excluded from cash and included within Fixed Asset Investments.

N. Creditors

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party, and the amount due to settle the obligation can be

measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount. Included in creditors are amounts due for grants programmes that have been settled but remain unpaid.

O. Provisions and Contingent Liabilities Provisions are recognised where there is a present obligation as a result of a past event, if it is probable that a transfer of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. As owner of Warwick House, the Motability Foundation holds contributions from all occupants of the building towards future major works of the freehold property. A provision in respect of the PIP Transitional Support Programme is set out in Accounting Policy Note K. Where no provision is recognised, contingent liabilities are disclosed in the Notes to the Financial Statements, unless the possibility of a transfer of economic benefits is remote.

P. Commitment and Conditional Grant Awards The Motability Foundation’s grants carry conditions to ensure that grants are spent for the specified purpose. Where the conditions are satisfied at the time of award, the full amount of the grant is recognised immediately as charitable expenditure. Where this is not the case, for instance when the grant is comprised of a series of payments with each dependent on the beneficiary meeting conditions, the Motability Foundation recognises the amount of the grant for which the conditions are met in the year as charitable expenditure.

Q. Critical Accounting Judgements and Estimations

In the application of the accounting policies, which are described within this note, the Governors are required to make judgements and assumptions leading to financial estimates

72 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The assumptions and associated estimates are based on historical experience and other factors that are considered to be relevant.

Actual results may differ from these estimates.

profits as a qualifying distribution under Deed of Covenant to the Motability Foundation. Foreign tax incurred on overseas investments is charged as it is incurred. Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Defined Benefit Pension

Other than pension obligations, where the actuarial assumptions underlying the pension deficit are set out in Note 22, the Trustees consider the most significant judgements and estimates to be in relation to the valuation of non-listed investments.

Non-Listed Investment Valuations

Non-listed investments are valued at the value supplied by the fund manager. Where it is not possible to obtain a current external fair value, an estimate is made based on the most recent valuation adjusted for subsequent known flows, fund expenses on a contractual basis and exchange rate movements. Where the value is thought to be significantly impaired, the value is stated at the lower of fair value or impaired valuation. The basis of impairments for non-listed investments is arrived at from a review of the general performance of the relevant asset class(es) and economy(s), and discussions with the relevant fund manager. There were no impairments in the year.

R. Taxation

The charitable members of the Group are exempt from taxation on their income and gains falling within Part 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that they are applied to their charitable purposes. The non-charitable subsidiary, although subject to taxation, does not pay UK Corporation Tax because its policy is to donate taxable

www.motabilityfoundation.org.uk 73

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

2. Trading Activities of the Subsidiary

The Charity has a wholly owned trading subsidiary, Motability Enterprises Limited, which is incorporated in the UK. Company number 01786053; Registered address Warwick House, Roydon Road, Harlow, Essex, CM19 5PX.

Motability Enterprises Limited made a qualifying distribution of its trading profits to the Motability Foundation as a corporate gift aid payment under Deed of Covenant without deduction of tax.

A summary of its trading results extracted from its full accounts is shown below. The net assets of the subsidiary are £15,000 (2024: £15,000)

Total
Total
2025
2024
£’000
£’000
Income and Expenditure Account
Turnover
2,543
1,900
Less: Cost of Sales and Other Costs
(2,034)
(1,413)
~~Gross Proft ~~
~~509~~
~~487~~
Administration Expenses
(142)
(152)
Interest Receivable
10
7
~~Net Proft ~~
~~377~~
~~342~~
Qualifying Distribution to the Motability Foundation
(377)
(342)
~~Retained in Subsidiary~~
~~-~~
~~-~~

3. Income from Investments

Unrestricted
Restricted Endowment
Total
Unrestricted Restricted Endowment
Total
Funds
Funds
Funds
Funds
Funds
Funds
Funds
Funds
2025
2025
2025
2025
2024
2024
2024
2024
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Interest Receivable
687
21
56
764
584
92
114
790
Investment Income
22,804
2,263
26,561
51,628
29,853
1,528
27,258
58,639
~~Income from Investments~~
~~23,491~~
~~2,284~~
~~26,617~~
~~52,392~~
~~30,437~~
~~1,620~~
~~27,372~~
~~59,429~~

74 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

4. Other Income

Unrestricted Unrestricted Restricted Endowment Total Unrestricted Restricted Endowment Total
Funds Funds Funds Funds Funds Funds Funds Funds
2025 2025 2025 2025 2024 2024 2024 2024
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
Income from sale of Fixed Assets 3 -
-
3		 10 -
-
10
Rental Income 210 -
-
210		 168 -
-
168
Property Service Charge Income 173 -
-
173		 201 -
-
201
Other Income 135 -
-
135		 67 -
-
67
~~Other Income~~ ~~521~~ ~~-~~
~~-~~		 ~~521~~ ~~446~~ ~~-~~
~~-~~		 ~~446~~

5. Charitable Expenditure

Direct Allocated Direct Allocated
Direct Charitable Support Governance Total Direct Charitable Support Governance Total
Grants Activity Costs Costs Costs Grants Activity Costs
Costs		 Costs
2025 2025 2025 2025 2025 2024 2024 2024
2024		 2024
£’000 £’000 £’000 £’000 £’000 £’000 £’000 £’000
£’000		 £’000
Grants to Individuals:
Scheme-related Grants 59,310 5,542 7,472 806 73,130 72,603 5,307 6,892
735		 85,537
Access to Mobility 5,788 539 727 78 7,132 9,165 662 860
92		 10,779
PIP Provision Release -
-
-
-		 -
(240)		 -
-
-
(240)
~~Grants to Individuals~~
~~65,098~~		 ~~6,081~~ ~~8,199~~ ~~884~~ ~~80,262~~ ~~81,528~~ ~~5,969~~ ~~7,752~~
~~827~~		 ~~96,076~~
Grants to Organisations:
Support of Under Fives
(Family Fund, Wizzybug) 4,200 392 529 57 5,178 5,750 420 546
58		 6,774
Innovation Grants 4,270 399 538 58 5,265 2,729 199 259
28		 3,215
Designated Grants to
Organisations Programme 15,007 1,402 1,891 204 18,504 11,104 812 1055
112		 13,083
~~Grants to Organisations~~ ~~23,477~~ ~~2,193~~ ~~2,958~~ ~~319~~ ~~28,947~~ ~~19,583~~ ~~1,431~~ ~~1,860~~
~~198~~		 ~~23,072~~
~~Motability Foundation~~
~~Funded Grant-Making~~ ~~88,575~~ ~~8,274~~ ~~11,157~~ ~~1,203~~ ~~109,209~~ ~~101,111~~ ~~7,400~~ ~~9,612~~
~~1,025~~		 ~~119,148~~
Build Awareness -
1,924		 222 24 2,170 -
2,239		 199
14		 2,452
Innovation -
1,253		 144 16 1,413 -
1,373		 121
13		 1,507
Motability Scheme -
366		 42 5 413 -
411		 36
4		 451
~~Charitable Expenditure~~ ~~88,575~~ ~~11,817~~ ~~11,565~~ ~~1,248~~ ~~113,205~~ ~~101,111~~ ~~11,423~~ ~~9,968~~
~~1,056~~		 ~~123,558~~
~~Support and governance costs~~
~~allocated to cost of raising fund (Note 6)~~
~~-~~		 ~~-~~ ~~917~~ ~~9~~ ~~926~~ ~~-~~ ~~-~~ ~~754~~
~~9~~		 ~~763~~

The value of Charitable Expenditure by Activity has been used as the basis for apportionment of the support and governance costs shown above. The release of the PIP provision during 2024 resulted from a reassessment of the assumptions, following actual payment experience during that year.

List of organisations in receipt of grants during the year can be found in Appendix 1.

www.motabilityfoundation.org.uk 75

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

5. Charitable Expenditure Cont.

Reconciliation of Grants Payable:
2025
2024
£’000
£’000
Grants Payable at 1 April
79,328
76,007
Grant Awards in the Year - Individuals
65,098
81,768
Grant Awards in the Year - Organisations
23,476
19,584
Grants Settled During the Year
(102,342)
(98,031)
~~Grants Payable at 31 March~~
~~65,560~~
~~79,328~~
Outstanding Grants Payable
2025
2024
at 31 March are payable as follows:
£’000
£’000
Within One Year (Note 14)
65,560
79,328
~~Payable at 31 March~~
~~65,560~~
~~79,328~~

76 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

6. Analysis of Total Expenditure

Direct
Allocated
Cost of
Direct
Charitable
Support Governance
Total
Raising Funds
Grants
Activity
Costs
Costs
Costs
2025
2025
2025
2025
2025
2025
£’000
£’000
£’000
£’000
£’000
£’000
Other Cost of Raising Funds
331
-
-
-
9
340
Cost of Goods Sold and Other Costs
2,029
-
-
-
-
2,029
Investment Management Fees and Other Costs
27,270
-
-
917
-
28,187
~~Cost of Raising Funds~~
~~29,630~~
~~-~~
~~-~~
~~917~~
~~9~~
~~30,556~~
Grant-Making
-
88,575
8,275
11,158
1,203
109,211
Build Awareness and Engagement
-
-
1,924
222
24
2,170
Innovation
-
-
1,253
144
16
1,413
Motability Scheme
-
-
366
42
5
413
~~Charitable Expenditure~~
~~-~~
~~88,575~~
~~11,818~~
~~11,566~~
~~1,248~~
~~113,207~~
~~Total Expenditure~~
~~29,630~~
~~88,575~~
~~11,818~~
~~12,483~~
~~1,257~~
~~143,763~~

Please refer to Note 7 for an analysis of functional support costs by activity. The amounts of ‘Allocated Support Costs’ attributed to ‘Direct Grants’ and ‘Direct Charitable Activities’ are in proportion to the direct expenditure on those activities.

Direct
Allocated
Cost of
Direct
Charitable
Support Governance
Total
Raising Funds
Grants
Activity
Costs
Costs
Costs
2024
2024
2024
2024
2024
2024
£’000
£’000
£’000
£’000
£’000
£’000
Other Cost of Raising Funds
362
-
-
-
9
371
Cost of Goods Sold and Other Costs
1,408
-
-
-
-
1,408
Investment Management Fees and Other Costs
17,123
-
-
754
-
17,877
~~Cost of Raising Funds~~
~~18,893~~
~~-~~
~~-~~
~~754~~
~~9~~
~~19,656~~
Grant-Making
-
101,112
7,401
9,611
1,025
119,149
Build Awareness and Engagement
-
-
2,239
198
14
2,451
Innovation
-
-
1,373
121
13
1,507
Motability Scheme
-
-
411
36
4
451
~~Charitable Expenditure~~
~~-~~
~~101,112~~
~~11,424~~
~~9,966~~
~~1,056~~
~~123,558~~
~~Total Expenditure~~
~~18,893~~
~~101,112~~
~~11,424~~
~~10,720~~
~~1,065~~
~~143,214~~

Please refer to Note 7 for an analysis of functional support costs by activity. The amounts of ‘Allocated Support Costs’ attributed to ‘Direct Grants’ and ‘Direct Charitable Activities’ are in proportion to the direct expenditure on those activities.

www.motabilityfoundation.org.uk 77

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

6. Analysis of Total Expenditure Cont.

Governance
Governance
Costs
Costs
2025
2024
£’000
£’000
External Audit Fees
162
191
Internal Audit Fees
68
79
Legal Fees
438
282
Members Expenses
17
16
Staff Costs
345
479
Other Costs
227
18
~~Governance Costs~~
~~1,257~~
~~1,065~~

The External Audit Fees expenditure comprises of £152,250 (2024: £146,350) for the Statutory Audit of the Motability Foundation and £9,300 (2024: £8,950) for the Statutory Audit of the Trading Subsidiary’s Accounts.

£24,925 (2024: £100,059) was paid for non-audit services to the Statutory Auditor.

Internal Audit has been partially outsourced to an independent firm of auditors. £96,005 was paid to Grant Thornton during the year for internal audit and other services.

78 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

7. Analysis of Support and Governance Costs

~~Strategic Pillars~~
Cost of
Grant-
Build
Motability
Total
Raising Funds
Making
Awareness
Innovation
SchemeStrategic
Total
Pillars
2025
2025
2025
2025
2025
2025
2025
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Human Resources
-
1,219
24
16
5
1,264
1,264
Information Technology
-
2,696
54
35
10
2,795
2,795
Finance and Administration
917
1,884
37
24
7
1,952
2,869
Performance and Innovation
-
764
15
10
3
792
792
Facilities
-
2,301
46
30
9
2,386
2,386
VAT, Depreciation and Other
-
2,295
46
30
9
2,380
2,380
~~Allocated Support Costs~~
~~917~~
~~11,159~~
~~222~~
~~145~~
~~43~~
~~11,569~~
~~12,486~~
~~Governance Costs (see Note 5)~~
~~9~~
~~1,203~~
~~24~~
~~16~~
~~5~~
~~1,248~~
~~1,257~~
~~Total Support and Governance Costs~~
~~926~~
~~12,362~~
~~246~~
~~161~~
~~48~~
~~12,817~~
~~13,743~~

Please refer to Note 5 where Support and Governance Costs are summarised.

The value of Charitable Expenditure by Activity has been used as the basis for apportionment of the Support and Governance Costs shown above after direct attribution to the cost of raising funds.

~~Strategic Pillars~~
Cost of
Grant-
Build
Motability
Total
Raising Funds
Making
Awareness
Innovation
SchemeStrategic
Total
Pillars
2024
2024
2024
2024
2024
2024
2024
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Human Resources
-
1,122
23
14
4
1,163
1,163
Information Technology
-
1,784
37
23
7
1,851
1,851
Finance and Administration
754
1,745
36
22
7
1,810
2,564
Performance and Innovation
-
422
9
5
2
438
438
Facilities
-
1,823
38
23
7
1,891
1,891
VAT, Depreciation and Other
-
2,715
56
34
10
2,815
2,815
~~Allocated Support Costs~~
~~754~~
~~9,611~~
~~199~~
~~121~~
~~37~~
~~9,968~~
~~10,722~~
~~Governance Costs (see Note 5)~~
~~9~~
~~1025~~
~~14~~
~~13~~
~~4~~
~~1,056~~
~~1,065~~
~~Total Support and Governance Costs~~
~~763~~
~~10,636~~
~~213~~
~~134~~
~~41~~
~~11,024~~
~~11,787~~

Please refer to Note 5 where Support and Governance Costs are summarised.

The value of Charitable Expenditure by Activity has been used as the basis for apportionment of the Support and Governance Costs shown above.

www.motabilityfoundation.org.uk 79

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

8. Governors, Employees and Related Parties

A. Numbers and Costs

The average number of persons employed by the Group during the year analysed by category, was as follows:

2025
2024
Number
Number
Charitable Activities
195
177
Support Staff
79
78
Governance
13
13
Motability Enterprises Ltd
1
1
~~Total~~
~~288~~
~~269~~
Staff costs were as follows:
2025
2024
£’000
£’000
Salaries
12,557
10,942
Benefts in Kind
416
366
Social Security Costs
1,339
1,155
Pension Costs: Defned Beneft
228
250
Pension Costs: Defned Contribution
1,628
1,400
Restructuring Costs
183
-
Other Staff Costs
491
498
~~Total~~
~~16,842~~
~~14,611~~

Included in staff restructuring costs is a redundancy payment of £50,279 to a member of key management personnel, Rachael Badger, and other accrued redundancy costs of £102,341 (2024: £nil).

The number of employees whose emoluments, excluding pension contributions and employers NI, for the year exceeding £60,000 was:

2025
2024
Number
Number
£60,000 to £69,999
26
11
£70,000 to £79,999
9
11
£80,000 to £89,999
5
2
£90,000 to £99,999
-
6
£100,000 to £109,999
6
1
£110,000 to £119,999
1
-
£120,000 to £129,999
1
-
£130,000 to £139,999
-
1
£140,000 to £149,999
1
-
£150,000 to £159,999
1
-
£160,000 to £169,999
-
1
£180,000 to £189,999
2
-
£190,000 to £199,999
-
1
£200,000 to £209,999
1
1
£210,000 to £219,999
1
-
~~Total~~
~~54~~
~~35~~

80 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

8. Governors, Employees and Related Parties cont.

B. Key Management Personnel

Key Management Personnel of the Group and Charity are defined as the Governors and the executive directors: The Chief Executive Officer; Finance Director; Chief Investment Officer; Director of Performance and Innovation; Chief Communications Officer and Director of Charitable Operations.

The total remuneration (including employers’ NIC, pension contributions and benefits in kind) of the key management personnel of the Charity for the year totalled £1,251,905 (2024: £1,077,337).

The Motability Foundation does not pay bonuses to staff. During the year, the Motability Foundation paid £3,774 (2024: £6,142) in longservice awards for staff who celebrated between 10 and 30 years’ service as part of its employee reward and recognition arrangements.

Nine Governors (2024: six) received reimbursement of travel, accommodation and other expenses amounting to £6,315 (2024: £3,390).

D. Professional Indemnity

Appropriate insurance has been arranged by the Charity to indemnify Governors and employees for their legal liability for damages and legal expenses arising from the performance of their duties. In 2025, this was £10m (2024: £10m).The cost of the policy in 2025 was £0.04m (2024: £0.04m).

E. Related Parties

The Motability Endowment Trust (MET) was set up in 2019 to support the work of the Motability Foundation. The Motability Foundation is the sole corporate Trustee of MET. During the period an administration charge of £0.63m was paid by MET to the Motability Foundation (2024: £0.52m).

During the year, no termination payment was made to Governors, one payment of £50,279 (2024: nil) was paid to Key Management Personnel, £102,341 was paid to other staff (2024: nil).

C. Governors’ Emoluments

The number of Governors in 2025 was 12 (2024: 11).

The Motability Foundation values diversity of lived experience, including within its governance. To this end, the Royal Charter provides for up to three Governors to be reimbursed lost earnings in respect of their roles.

Richard Cartwright was reimbursed £6,880 in respect of lost of earnings during the year (2024: £6,495).

Related parties include the Executive Team (Key Management Personnel) as shown in section (A) along with Governors of the Charity.

The Motability Foundation directs and oversees the Motability Scheme, which is operated on behalf of the Motability Foundation by Motability Operations, a separate commercial company whose shares are held by four major banks.

Motability Operations makes donations from surplus capital to the Motability Foundation. No donation was made to the Motability Foundation or Endowment Fund (Motability Endowment Trust) in the year (2024: £250m) to the Motability Foundation’s Endowment fund (Motability Endowment Trust).

As at 31 March 2025, the Motability Foundation

www.motabilityfoundation.org.uk 81

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

8. Governors, Employees and Related Parties cont.

paid Motability Operations £67.1m (2024: £66.7m) in respect of grants awarded to customers, to fund Advance Payments and adaptations on vehicles provided under the lease schemes by Motability Operations to customers in receipt of grants.

As at 31 March 2025, Motability Operations was due £11.9m (2024: £11.7m) in outstanding invoices and £57.7m (2024: £67.6m) in accrued commitments, totalling £69.6m (2024: £79.3m) from the Motability Foundation.

In addition, for 2025, £7.7m (2024: £5.2m) was received from Motability Operations as rebates, where customers terminated their lease agreements early, in respect of grant awards towards Advance Payments and adaptations managed by Motability Operations.

In the event of early lease termination, we reduce our grant expenses as a result of the rebates.

As at 31 March 2025, £1m (2024: £1.6m) was due to the Motability Foundation from Motability

Operations for lease agreement rebates.

The Motability Foundation has a wholly owned trading subsidiary, Motability Enterprises Limited (MEL) – see Note 2 for details. In 2025, the Motability Foundation invoiced MEL £24k (2024: £9k) in respect of administration charges.

As at 31 March 2025, £0.4m (2024: £0.3m) was due from MEL to the Motability Foundation as a qualifying distribution under Deed of Covenant. MEL recharged the Motability Foundation £1.4m (2024: £1m) in respect of the fixed and charitable variable costs for the production of Lifestyle magazine. These costs are included in the Charity’s and Group expenditure. As at 31 March 2025, there was £24k due from the Motability Foundation to MEL (2024: £9k).

The Motability Foundation paid £1.5m (2024: £nil) to Motability Pension Scheme in respect of the defined benefit scheme assets and £0.1m (2024: £0.1m) for administration expenses. This scheme was closed to future accrual from 30 April 2012. See Note 22.

9. Fixed Asset Investment in Subsidiary Undertaking

Group
Group
2025
2024
£
£
Investments in Motability Enterprises Ltd
100
100
~~Fixed Asset Investment in Subsidiary Undertaking~~
~~100~~
~~100~~

The Motability Foundation owns 100 per cent of the share capital and holds 100 ordinary shares of £1 each in Motability Enterprises Limited incorporated in the UK (Company No.1786053) whose registered office is Warwick House, Roydon Road, Harlow, Essex, CM19 5PX.

The company incorporated in the UK carries out certain trading activities in order to raise funds for the Motability Foundation (Note 2).

82 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

10. Intangible Fixed Assets (Group and Charity)

Computer
Intellectual
Assets in the Course
Software
Property
of Construction
Total
2025
2025
2025
2025
£’000
£’000
£’000
£’000
Cost
~~At 1 April 2024~~
~~3,048~~
~~211~~
~~-~~
~~3,259~~
Additions
10
-
26
36
Disposals
(34)
-
-
(34)
Transfers
-
-
-
-
~~At 31 March 2025~~
~~3,024~~
~~211~~
~~26~~
~~3,261~~
Amortisation and Impairment
~~At 1 April 2024~~
~~1,968~~
~~20~~
~~-~~
~~1,988~~
Amortisation Charged For The Year
330
42
-
373
Disposals
(34)
-
-
(34)
~~At 31 March 2025~~
~~2,264~~
~~62~~
~~-~~
~~2,327~~
Net Book Value (net of the above)
~~At 31 March 2024~~
~~1,080~~
~~191~~
~~-~~
~~1,271~~
~~At 31 March 2025~~
~~759~~
~~149~~
~~26~~
~~935~~

www.motabilityfoundation.org.uk 83

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

10. Tangible Fixed Assets (Group and Charity)

2025
2025
2025
2025
2025
2025
2025
2025
2025
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Cost
~~At 1 April 2024~~
~~1,064~~
~~5,360~~
~~86~~
~~4,182~~
~~886~~
~~272~~
~~874~~
~~-~~
~~12,724~~
Additions
-
-
63
-
-
-
198
85
346
Disposals
-
-
-
(2,124)
(81)
(16)
(24)
-
(2,245)
Transfers
-
-
-
-
-
-
-
-
-
~~At 31 March 2025~~
~~1,064~~
~~5,360~~
~~149~~
~~2,058~~
~~805~~
~~256~~
~~1,047~~
~~85~~
~~10,825~~
Depreciation and Impairment
~~At 1 April 2024~~
~~-~~
~~728~~
~~13~~
~~4,182~~
~~688~~
~~251~~
~~734~~
~~-~~
~~6,597~~
Depreciation Charged in the Year -
158
22
-
78
6
108
-
372
Eliminated in Respect of Disposals -
-
-
(2,124)
(81)
(16)
(24)
-
(2,245)
~~At 31 March 2025~~
~~-~~
~~887~~
~~35~~
~~2,058~~
~~685~~
~~241~~
~~818~~
~~-~~
~~4,724~~
Carrying Amount
At 1 April 2024
1,064
4,631
73
(0)
198
21
140
-
6,127
~~At 31 March 2025~~
~~1,064~~
~~4,473~~
~~114~~
~~(0)~~
~~120~~
~~15~~
~~230~~
~~85~~
~~6,100~~
Freehold
Land
Freehold
Building
Freehold
Refurbishment
Leasehold
Refurbishment
Motor
Vehicles
Fixtures and
Fittings
Computer
Hardware
Total
Assets in the
Course of Construction

All assets are used for direct charitable purposes.

84 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

11. Investments Movement

Group and Charity
Fixed Asset
Current Asset
Group and
Fixed Asset Current Asset
Group and
Investments
Investments
Charity Investments
Investments
Charity
Reconciliation of Movement in
2025
2025
2025
2024
2024
2024
Fair Value during the period
£’000
£’000
£’000
£’000
£’000
£’000
~~Fair Value as at 1 April~~
~~2,110,054~~
~~119,527~~
~~2,229,581~~
~~1,726,040~~
~~105,491~~
~~1,831,531~~
Additions:
Amounts Invested
1,169,552
99,619
1,269,171
734,656
187,476
922,132
Reinvested Investment Income
24,471
(20)
24,451
28,276
2,406
30,682
Withdrawals:
Amounts Withdrawn
(1,225,843)
(134,358)
(1,360,201)
(593,527)
(176,389)
(769,916)
Investment Fees Charged to Capital
(26,402)
(3)
(26,405)
(13,910)
(20)
(13,930)
Gains / (Losses) in the Year
75,304
2,289
77,593
228,636
1,368
230,004
Movement in Investment Portfolio Cash
(16)
(18)
(34)
(117)
(805)
(922)
~~Fair Value as at 31 March~~
~~2,127,120~~
~~87,036~~
~~2,214,156~~
~~2,110,054~~
~~119,527~~
~~2,229,581~~

www.motabilityfoundation.org.uk 85

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

12. Investments Valuation


Fixed Asset
Current Asset
Group and
Fixed Asset
Current Asset
Group and
Investments
Investments
Charity Investments
Investments
Charity
At 31 March
2025
2025
2025
2024
2024
2024
Group and Charity investments comprised:
£’000
£’000
£’000
£’000
£’000
£’000
Equity Securities
1,035,619
-
1,035,619
1,074,002
-
1,074,002
Debt Securities
402,612
60,659
463,271
478,381
81,323
559,704
Infrastructure and Property
284,271
-
284,271
265,231
-
265,231
Other Investments
265,751
-
265,751
223,921
-
223,921
Money Market Instruments
10,655
10,377
21,032
53,519
10,204
63,723
Bank Deposits
-
16,000
16,000
15,000
28,000
43,000
Cash held with Broker
128,212
-
128,212
-
-
-
~~Fair Value as at 31 March~~
~~2,127,120~~
~~87,036~~
~~2,214,156~~
~~2,110,054~~
~~119,527~~
~~2,229,581*~~

As at 31 March 2025, there were uncalled capital commitments to investment firms totalling £150m (2024: £120m).

The investment portfolio held at 31 March 2025 is being held for the long term and contains a mix of investments, including cash balances held by investment managers under discretionary mandates. Other investments include private credit, private equity, venture capital and absolute return investments.

Listed
Unlisted
Total
Listed
Unlisted
Total
2025
2025
2025
2024
2024
2024
Listed and Unlisted Investment Valuation
£’000
£’000
£’000
£’000
£’000
£’000
Fixed Assets
680,309
1,446,811
2,127,120
915,686
1,194,368
2,110,054
Current Assets
71,036
16,000
87,036
91,527
28,000
119,527
~~Total~~
~~751,345~~
~~1,462,811~~
~~2,214,156~~
~~1,007,213~~
~~1,222,368~~
~~2,229,581~~

Motability Endowment Trust hedges one half of its non-sterling exposure in its passive equity portfolio into sterling using forward contracts in order to maintain an appropriate exposure to sterling which is the currency in which charitable expenditure is denominated. The sterling value of the amount hedged at 31 March 2025 was £258m (2024: £250m). The value of these contracts was £7m at 31 March 2025 (2024: £0.2m).

Income from Financial Assets measured at fair value is disclosed in Note 3.

86 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

13. Debtors

Group
Group
Charity
Charity
2025
2024
2025
2024
£’000
£’000
£’000
£’000
Trade and Other Debtors
161
106
160
106
Amounts Owed by Motability Operations Ltd
1,009
1,405
1,009
1,405
~~Trade Debtors and Other Receivables~~
~~1,170~~
~~1,511~~
~~1,169~~
~~1,511~~
Amounts Owed by Subsidiary - Motability Enterprises Ltd
-
-
378
351
Accrued Income
4,931
5,303
4,912
5,265
Prepayments
1,093
1,054
963
965
~~Debtors~~
~~7,194~~
~~7,868~~
~~7,422~~
~~8,092~~

Included in Accrued Income is £4.9m of accrued investment income (2024: £5.2m).

www.motabilityfoundation.org.uk 87

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

14. Creditors: Amounts Falling Due Within One Year

Group
Group
Charity
Charity
2025
2024
2025
2024
£’000
£’000
£’000
£’000
Scheme-related Grants
58,250
68,250
58,250
68,250
Access to Mobility
4,636
6,923
4,636
6,923
Innovation Grants
336
818
336
818
Designated Grants to Organisations Programme
2,339
3,337
2,339
3,337
~~Grants Commitments Falling Due within One Year~~
~~65,561~~
~~79,328~~
~~65,561~~
~~79,328~~
Other Creditors including Taxation and Social Security
418
410
371
364
Amounts due in respect of Trade Creditors including
Grant Programme Creditors due for Settlement
14,700
14,229
14,659
14,228
Amounts Owed to Subsidiary - Motability Enterprises Ltd
-
-
24
9
Accrued Liabilities
2,478
2,655
2,453
2,644
~~Liabilities Falling Due within One Year~~
~~83,157~~
~~96,622~~
~~83,068~~
~~96,573~~
Amounts Owed to Motability Operations Limited
70,691
79,323
70,691
79,323
Amounts Owed to Third Party Suppliers and Other Creditors
10,619
13,144
10,506
13,086
Amounts Owed to Organisational Grants Benefciaries
1,847
4,155
1,847
4,155
Amounts Owed to Subsidiary - Motability Enterprises Ltd
-
-
24
9
~~Liabilities Falling Due within One Year~~
~~83,157~~
~~96,622~~
~~83,068~~
~~96,573~~

88 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

15. Provisions

Group
Group
2025
2024
£’000
£’000
Group and Charity Landlord’s Sinking Fund
Provision Brought Forward 1 April
495
-
Provision Added in Year
179
495
~~Landlord’s Sinking Fund Provision Carried Forward 31 March~~
~~674~~
~~495~~
Group and Charity Provision for Uncashed Cheques
Provision Brought Forward 1 April
121
120
Movement in Provision
(121)
1
~~Provision for Uncashed Cheques Carried Forward 31 March~~
~~-~~
~~121~~
Group and Charity PIP Provision
Provision Brought Forward 1 April
160
400
Provision Released in Year
-
(240)
~~PIP Provision Carried Forward 31 March~~
~~160~~
~~160~~
~~Provisions~~
~~834~~
~~776~~

The Charity holds funds provided for its possible liability in relation to its freehold property totalling £674k (2024: £495k). The sinking fund is to fund anticipated future expenditure on plant and machinery at Warwick House as they become due for replacement.

The Charity released the provision relating to its unpresented cheques.

The Charity holds a provision for its possible liability in relation to its PIP Transitional Support Programme of £160k. Please refer to Note 1 Accounting Policies - Section K: Accounting for further information.

www.motabilityfoundation.org.uk 89

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

16. Analysis of Group Net Assets / Liabilities Between Funds

Group
Group
Group
Group
Unrestricted
Restricted
Endowment
Total
2025
2025
2025
2025
£’000
£’000
£’000
£’000
Fund balances at 31 March 2025 are represented by:
Intangible Fixed Assets
935
-
-
935
Tangible Assets
6,100
-
-
6,100
Fixed Asset Investments
305,306
47,744
1,774,070
2,127,120
Net Current Assets
31,135
863
2,405
34,403
Provisions and Pensions
(1,006)
(160)
-
(1,166)
~~342,470~~
~~48,447~~
~~1,776,475~~
~~2,167,392~~
Group
Group
Group
Group
Unrestricted
Restricted
Endowment
Total
2024
2024
2024
2024
£’000
£’000
£’000
£’000
Fund balances at 31 March 2024 are represented by:
Intangible Fixed Assets
1,271
-
-
1,271
Tangible Assets
6,127
-
-
6,127
Fixed Asset Investments
366,710
44,038
1,699,306
2,110,054
Net Current Assets
57,263
2,263
4,880
64,406
Provisions and Pensions
(1,681)
(242)
-
(1,923)
~~429,690~~
~~46,059~~
~~1,704,186~~
~~2,179,935~~

90 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

17. Analysis of Charity Net Assets / Liabilities Between Funds

Charity
Charity
Charity
Charity
Unrestricted
Restricted
Endowment
Total
2025
2025
2025
2025
£’000
£’000
£’000
£’000
Fund balances at 31 March 2025 are represented by:
Intangible Fixed Assets
935
-
-
935
Tangible Assets
6,100
-
-
6,100
Fixed Asset Investments
305,306
47,744
1,774,070
2,127,120
Net Current Assets
31,118
863
2,405
34,386
Provisions and Pensions
(1,006)
(160)
-
(1,166)
~~342,453~~
~~48,447~~
~~1,776,475~~
~~2,167,375~~
Charity
Charity
Charity
Charity
Unrestricted
Restricted
Endowment
Total
2024
2024
2024
2024
£’000
£’000
£’000
£’000
Fund balances at 31 March 2024 are represented by:
Intangible Fixed Assets
1,271
-
-
1,271
Tangible Assets
6,127
-
-
6,127
Fixed Asset Investments
366,710
44,038
1,699,306
2,110,054
Net Current Assets
57,248
2,263
4,880
64,391
Provisions and Pensions
(1,681)
(242)
-
(1,923)
~~429,675~~
~~46,059~~
~~1,704,186~~
~~2,179,920~~

www.motabilityfoundation.org.uk 91

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

18. Unrestricted Funds

Transfer
Balance at
Balance at
between Investment
Actuarial
31 March
1 April 2024
Income Expenditure
Funds
Gains
Loss
2025
Movement in Funds:
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Group
General Funds
396,940
25,290
(101,679)
-
4,741
(565)
324,727
Designated Fund -
Grants to Charities and Organisations
32,750
-
(15,007)
-
-
-
17,743
~~Unrestricted Funds~~
~~429,690~~
~~25,290~~
~~(116,686)~~
~~-~~
~~4,741~~
~~(565)~~
~~342,470~~
Charity
General Funds
396,924
24,481
(100,871)
-
4,741
(565)
324,710
Designated Fund -
Grants to Charities and Organisations
32,750
-
(15,007)
-
-
-
17,743
~~Unrestricted Funds~~
~~429,674~~
~~24,481~~
~~(115,878)~~
~~-~~
~~4,741~~
~~(565)~~
~~342,453~~

Designated funds are general funds set aside by the Governors for specific purposes, normally given in the fund title. In 2021/22, the Governors designated £50m to fund grants to charities and organisations over the next three years.

Transfer
Balance at
Balance at
between Investment
Actuarial
31 March
1 April 2023
Income Expenditure
Funds
Gains
Loss
2024
Movement in Funds:
£’000
£’000
£’000
£’000
£’000
£’000
£’000
Group
General Funds
470,472
31,948
(116,146)
-
10,931
(265)
396,940
Designated Fund -
Grants to Charities and Organisations
43,854
-
(11,104)
-
-
-
32,750
~~Unrestricted Funds~~
~~514,326~~
~~31,948~~
~~(127,250)~~
~~-~~
~~10,931~~
~~(265)~~
~~429,690~~
Charity
General Funds
470,457
31,376
(115,575)
-
10,931
(265)
396,924
Designated Fund -
Grants to Charities and Organisations
43,854
-
(11,104)
-
-
-
32,750
~~Unrestricted Funds~~
~~514,311~~
~~31,376~~
~~(126,679)~~
~~-~~
~~10,931~~
~~(265)~~
~~429,674~~

92 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

19. Restricted Funds

Transfer Balance
Balance at Investment between at 31 March
1 April 2024 Income Expenditure Gains Funds 2025
Group and Charity £’000 £’000 £’000 £’000 £’000 £’000
PIP Transitional Support Programme 46,059 2,284 (67) 171 - 48,447
~~Restricted Fund~~ ~~46,059~~ ~~2,284~~ ~~(67)~~ ~~171~~ ~~-~~ ~~48,447~~

Restricted Funds may only be spent for the purpose specified by the donor, normally as given in the fund title. PIP Transitional Support Programme is used to support beneficiaries who lease a vehicle and did so prior to 2013 and then lose their allowance due to reassessment.

Current year spend was £67k (2024: negative £56k made up of expenditure of £184k and a release of £240k from the PIP provision).

Transfer
Balance at Investment between Balance at
1 April 2023 Income Expenditure Gains Funds 31 March 2024
Group and Charity £’000 £’000 £’000 £’000 £’000 £’000
PIP Transitional Support Programme 43,742 1,620 56 641 - 46,059
~~Restricted Fund~~ ~~43,742~~ ~~1,620~~ ~~56~~ ~~641~~ ~~-~~ ~~46,059~~

20. Endowment Fund

Other
Balance at Investment Realised Balance at
1 April 2024 Income Expenditure Gains Gains 31 March 2025
Group and Charity £’000 £’000 £’000 £’000 £’000 £’000
Endowment Fund 1,704,186 26,617 (27,008) 72,680 - 1,776,475
~~Endowment Fund~~ ~~1,704,186~~ ~~26,617~~ ~~(27,008)~~ ~~72,680~~ ~~-~~ ~~1,776,475~~
Other
Balance at Investment Realised Balance at
1 April 2023 Income Expenditure Gains Gains 31 March 2024
Group and Charity £’000 £’000 £’000 £’000 £’000 £’000
Endowment Fund 1,224,402 277,372 (16,020) 218,432 - 1,704,186
~~Endowment Fund~~ ~~1,224,402~~ ~~277,372~~ ~~(16,020)~~ ~~218,432~~ ~~-~~ ~~1,704,186~~

Endowment Funds comprise the net assets of the Motability Endowment Trust only.

www.motabilityfoundation.org.uk 93

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

21. Funds Held as an Agent

Balance at
Balance at
1 April 2024
Income
Expenditure
31 March 2025
Movement in Funds:
£’000
£’000
£’000
£’000
Group
Funds Held as Agent on behalf of Veterans UK
41
293
(291)
43
~~Funds Held as Agent~~
~~41~~
~~293~~
~~(291)~~
~~43~~
Charity
Funds Held as Agent on behalf of Veterans UK
41
293
(291)
43
~~Funds Held as Agent~~
~~41~~
~~293~~
~~(291)~~
~~43~~

Funds received, paid or held as agent are not included within the Motability Foundation’s Consolidated or Charity Financial Statements. These funds are accounted for directly to Veterans UK.

Balance at
Balance at

1 April 2023
Income
Expenditure
31 March 2024
Movement in Funds:
£’000
£’000
£’000
£’000
Group
Funds Held as Agent on behalf of Veterans UK
41
389
(389)
41
~~Funds Held as Agent~~
~~41~~
~~389~~
~~(389)~~
~~41~~
Charity
Funds Held as Agent on behalf of Veterans UK
41
389
(389)
41
~~Funds Held as Agent~~
~~41~~
~~389~~
~~(389)~~
~~41~~

The Motability Foundation administers the funds of Veterans UK to issue grants for automatic gearboxes and vehicle adaptations to War Pensioners who are in receipt of the War Pensioners Mobility Supplement (WPMS).

The Motability Foundation adheres to an agency agreement and distributes the funds it holds to specified third parties in line with the instructions given by Veterans UK.

94 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

22. Pension Arrangements

The Group has operated a defined benefit scheme for its employees since November 1988, under which a separate fund is being accumulated to meet the accruing liabilities which is held under a trust, entirely separate from the Charity’s assets. Payments to the scheme are made in accordance with the recommendations of qualified actuaries.

From 1 October 2005, changes were made to the defined benefit pension scheme:

The defined benefit scheme was closed to future accrual from 30 April 2012.

The last actuarial valuation was prepared using the Defined Accrued Benefits method, as at 31 March 2022. This valuation used the following assumptions:

%
Investment return in deferment Bank of England Yield curve +2% p.a. 3.85
Investment return in payment Bank of England Yield curve +0.5% p.a.
(sample rate at 21 years for non-pensioners / sample rate for pensioners at duration 12 years) 2.35/2.25
Salary increases Nil
Pension increases pre-retirement – Deferred Pensioners derived using appropriate caps and floors
applied to the Bank of England inflation yield curve deducting 0.7% p.a. in respect of CPI pre-2030
and nil deduction after 2030 3.35
Pension increases pre-retirement – Employed Deferred 4.05
Pension increases in payment – Post-April 1997 – Pensioners 3.5

At 31 June 2022, the market value of the scheme’s asset was £21.2m, the present value of liabilities was £21.1m, resulting in an actuarial surplus of £0.1m, equivalent to a funding level of 100 per cent.

A qualified actuary using revised assumptions that are consistent with the requirements of FRS 102 has updated the actuarial valuation described above at 31 March 2025. Investments have been valued for this purpose at fair value.

The pension cost to the Charity under FRS 102 was £0.23m (2024: £0.25m). The major assumptions used for the FRS 102 actuarial valuation were:

2025 2024 2023
% p.a. % p.a. % p.a.
Rate of increase in salaries N/A N/A N/A
Rate of increase in pensions in payment 2.6 2.6 3
Discount Rate 5.65 4.8 4.7
Price Inflation 3.05 3.1 3.3

www.motabilityfoundation.org.uk 95

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

22.1 The fair value of the assets in the scheme, the present value of the liabilities in the scheme and the expected rate of return at each balance sheet date were:

2025
2025
2024
2024
2023
2023
% p.a.
£’000
% p.a.
£’000
% p.a.
£’000
Equities
5.60
2,635
4.80
4,494
4.7
4,617
Bonds / Gilts
5.60
11,040
4.80
11,458
4.7
11,783
Cash
5.60
2,070
4.80
502
4.7
949
Property and Other
5.60
383
4.80
502
4.7
774
Total Fair Value of Assets
-
16,128
-
16,956
-
18,123
Present Value of Scheme Liabilities
-
(16,460)
-
(18,103)
-
(18,860)
~~Net Pension (Liability)~~
~~-~~
~~(332)~~
~~-~~
~~(1,147)~~
~~-~~
~~(737)~~

The rates used for the expected return on scheme assets are based on the requirements of SORP 2019 (FRS 102), as these determine the predicted return in the year to 31 March 2025. The contribution rate for 2025 was nil of pensionable earnings (2024: nil) due to the scheme being closed to future accrual with effect from 30 April 2012.

2025 2024
% %
Equities 16 27
Bonds / Gilts 69 67
Cash 13 3
Property and Other 2 3

The liabilities were valued using the following mortality assumptions: - Base table: S3PA - Future mortality improvements: CMI_2023 Long term rate 1% (2024: CMI_2022, 1.25%)

The following table illustrates members’ life expectancy in years, at the age of 65, based on the mortality assumptions below:

2025 2024
Retiring Now
Males 21.2 21.3
Females 23.8 23.7
Retiring in 20 Years
Males 22.2 22.2
Females 24.9 24.9

96 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

22.2 The movement in the scheme’s deficit over the year to 31 March 2025 is summarised as follows:

2025
2024
£’000
£’000
The Pension Defcit as at 31 March Comprises:
Pension Defcit at 1 April
(1,147)
(737)
(Loss) / Gain in the Year - Actuarial
(565)
(265)
Contribution to Scheme Administration Costs
1,608
106
~~Subtotal~~
~~(104)~~
~~(896)~~
Analysis of Amounts Charged to the SoFA for the Year:
Other Finance Cost
(21)
(37)
Current Service Cost
(207)
(214)
Past Service Cost
-
-
~~Subtotal~~
~~(228)~~
~~(251)~~
~~Pension defcit at 31 March~~
~~(332)~~
~~(1,147)~~

22.3 Analysis of the amount that has been charged to the SoFA under FRS 102:

2025
2024
£’000
£’000
Current Service Cost
207
214
~~Total~~
~~207~~
~~214~~

22.4 Analysis of the amount that has been debited to net finance charges under FRS 102:

2025
2024
£’000
£’000
Expected Return on Pension Scheme Assets
829
834
Interest on Pension Scheme Liabilities
(850)
(871)
~~Total~~
~~(21)~~
~~(37)~~

www.motabilityfoundation.org.uk 97

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

22.5 Analysis of the Actuarial Movement:

2025
2024
2023
£’000
£’000
£’000
Actual Return Less Expected Return on Pension Scheme Assets
(2,276)
(1,245)
(6,679)
Experience (Losses) / Gains Arising on the Scheme Liabilities
54
(484)
(1,010)
Changes in the Assumptions Underlying the Present
Value of the Scheme Liabilities
1,657
1,464
8,168
~~Recognised (Loss) / Gain for the Year~~
~~(565)~~
~~(265)~~
~~479~~

22.6 Reconciliation of Present Value Defined Benefit Obligation:

2025
2024
£’000
£’000
Opening Balance at 1 April
18,103
18,860
Current Service Cost
207
214
Past Service Cost
-
-
Curtailment
-
-
Settlements
-
-
Interest Cost
850
871
Employee Contribution
-
-
Actuarial Gains
(1,711)
(980)
Administration Expenses
(207)
(214)
Changes to Exchange Rates
Benefts Paid
(782)
(648)
~~Closing Balance at 31 March~~
~~16,460~~
~~18,103~~

22.7 Reconciliation of Fair Value Plan Assets:

2025
2024
£’000
£’000
Opening Balance at 1 April
16,956
18,123
Expected Return on Assets
829
834
Actual Return less Expected Return on Pension Scheme Assets
(2,276)
(1,245)
Changes to Exchange Rates
-
-
Employer Contribution
1,608
106
Employee Contribution
-
-
Settlements
-
-
Administration Expenses
(207)
(214)
Benefts Paid
(782)
(648)
~~Closing Balance at 31 March~~
~~16,128~~
~~16,956~~

98 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

22.8 Reconciliation of Change in Funded Status:

2025
2024
£’000
£’000
Opening Balance at 1 April
(1,147)
(737)
Pension Expense
(228)
(251)
Employer Contribution
1,608
106
Changes to Exchange Rates
-
-
Actuarial (Loss) / Gain
(565)
(265)
~~Closing Balance at 31 March~~
~~(332)~~
~~(1,147)~~

22.9 History of Experienced Gains and Losses:

2025
2024
2023
2022
2021
£’000
£’000
£’000
£’000
£’000
Difference Between Actual and Expected Return on Assets
Amount
(2,276)
(1,245)
(6,679)
313
840
~~% of Scheme Assets~~
~~14.1%~~
~~7.3%~~
~~36.9%~~
~~1.3%~~
~~3.4%~~
Experience of Gains and (Losses) Arising on Liabilities
Amount
54
(484)
(1,010)
13
99
~~% of Scheme Assets~~
~~0.3%~~
~~2.9%~~
~~5.6%~~
~~0.1%~~
~~0.4%~~

www.motabilityfoundation.org.uk 99

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

23. Commitments and Conditional Grant Awards

i) Operating Leases

The Charity leases out part of its office building. The total future minimum lease payments receivable under non-cancellable operating leases are as follows:

Premises
Premises
2025
2024
£’000
£’000
Within One Year
222
210
Between One and Five Years
938
925
Over Five Years
700
934
~~Total~~
~~1,860~~
~~2,069~~

These amounts relate to operating lease agreements where the Group acts as lessor and reflect contracted rental income expected to be received over the lease term. The leases do not include any material contingent rents, escalation clauses, or options to purchase.

Amounts payable in total under future minimum lease payments under non-cancellable operating leases:

Premises
Premises
Other
Other
2025
2024
2025
2024
£’000
£’000
£’000
£’000
Within One Year
23
28
53
73
Between One and Five Years
32
38
99
58
Over Five Years
-
6
4
9
~~Total~~
~~55~~
~~72~~
~~156~~
~~141~~
Operating Lease Expenditure
2025
2024
£’000
£’000
Premises
28
215
Plant, Machinery and Vehicles
53
68
~~Total~~
~~81~~
~~283~~

ii) Capital Commitments

There were no commitments for expenditure on capital items in excess of £0.1m at the end of the year.

iii) Investment Commitments

As at 31 March 2025, there were uncalled capital commitments to investment funds totalling £150m (2024: £120m). The three largest commitments were £19.5m, £18.2m and £15.3m for private credit funds.

These commitments will be met from liquid assets and asset sales as required in the Endowment Fund.

100 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

23. Commitments and Conditional Grant Awards Cont.

iv) Conditional Grant Awards

All grants are subject to conditions.

The conditions for grants to individuals are usually satisfied at the time an award is made.

Grants to organisations contain performance-related conditions which then determine whether and when expenditure is recognised in the SoFA. Grants to organisations may be intended to be claimed over several years. The conditions attached to grants to organisations are regularly reviewed with the recipients. Grants are withdrawn where unclaimed or where conditions are not met.

Current grants where performance conditions had not yet been fulfilled as at 31 March 2025 are set out below.

Current Recognised Conditional Conditional Recognised Conditional
Conditional in Prior Grant Award Award Charitable Grant Award
Awards Years B/Fwd in Year Expenditure C/Fwd
£’000 £’000 £’000 £’000 £’000 £’000
Designability (Wizzybug) 5,400 (3,950) 1,450 -
(700)		 750
Family Fund Trust 19,000 (15,500) 3,500 -
(3,500)		 -
~~Total Under 5s Grant~~ ~~24,400~~ ~~(19,450)~~ ~~4,950~~ ~~-~~
~~(4,200)~~		 ~~750~~
Designability (EV) 761 (761) -
-
-
-
Extra Mile Car Clubs 679 (679) -
-
-
-
Innovative Disability Training -
-
-
600		 (330) 270
Micromobility -
-
-
150		 (45) 105
National Centre for Accessible Transport (ncat)
- Evidence Centre 20,000 (1,588) 18,412 -
(2,529)		 15,882
Partnerships -
-
-
625		 (259) 366
Scholarships 581 (199) 382 222 (121) 484
User Research Grants 2,442 (1,819) 623 250 (630) 243
Vehicle Design 203 (203) -
809		 (356) 453
~~Total Innovation~~ ~~24,667~~ ~~(5,250)~~ ~~19,417~~ ~~2,655~~ ~~(4,270)~~ ~~17,803~~
Active Travel 5,704 (2,106) 3,597 879 (2,022) 2,455
Barriers to Driving 2,935 (906) 2,029 4,541 (2,614) 3,956
Community Transport 14,429 (8,611) 5,818 4,219 (5,088) 4,950
Research 1,997 (1,055) 942 1,042 (973) 1,012
Travelling with Confdence 5,654 (2,102) 3,552 3,028 (2,440) 4,140
Wheelchairs 5,063 (2,470) 2,592 1,034 (1,871) 1,755
~~Total Impact Programmes~~ ~~35,781~~ ~~(17,251)~~ ~~18,531~~ ~~14,744~~ ~~(15,007)~~ ~~18,268~~
~~Total for Grants to Organisations~~ ~~84,849~~ ~~(41,950)~~ ~~42,898~~ ~~17,399~~ ~~(23,476)~~ ~~36,821~~

www.motabilityfoundation.org.uk 101

Annual Report and Accounts 2024/25

Notes to the Financial Statements cont.

23. Commitments and Conditional Grant Awards Cont.

The Motability Foundation awarded:

For details of progress on major awards, please see the Grant Award Activity table in Appendix 1.

v) Contingent Liability

The Charity is aware of a UK High Court legal ruling in June 2023 between Virgin Media Limited and NTL Pension Trustees II Limited, which decided that certain historic rule amendments were invalid if they were not accompanied by actuarial certifications. The ruling was subject to appeal and in July 2024 the Court of Appeal confirmed the UK High Court legal ruling from 2023. The Charity, together with the pension scheme trustees and their advisors, is in the process of assessing the possible impact of this ruling. As it is not possible at present to estimate the impact, if any, from the ruling, no adjustments have been made to the defined benefit obligation recognised in the Financial Statements.

24. Taxation

As a registered charity, the Motability Foundation is potentially exempt from taxation of income and gains falling within Part 11 Income and Corporation Taxes Act 2010 and 256 Taxation Chargeable Gains Act 1992. No tax charge has arisen in the year.

No tax charge has arisen in the subsidiary due to the policy of gifting profits to the Motability Foundation each year.

25. Events after the reporting dates

There are no post-balance sheet date events to note.

102 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Appendix 1 - Grant Award Activity in Year

2024/25
2023/24
Programme
Benefciary
£
£
Innovative Disability Training
RNIB and Community Rail Network
599,660
-
Micromobility
CoMoUK Trust
149,760
-
Partnerships
RNIB
625,000
-
Scholarships
Loughborough University
124,565
-
Open University
97,390
-
University College London
-
181,200
University of Newcastle
-
76,680
University of Westminster
-
123,137
~~Scholarships~~
~~221,955~~
~~381,017~~
User Research Grants
Autistic Minds
-
4,000
Autistica
-
206,134
CoMoUK Trust
-
199,382
National Autistic Society
-
163,158
RNIB
-
97,033
Sustrans
249,750
297,253
United Response
-
199,996
Wheelchair Alliance
-
235,562
~~User Research Grants~~
~~249,750~~
~~1,402,518~~
Vehicle Design
Designability
809,064
203,000
~~Vehicle Design~~
~~809,064~~
~~203,000~~
~~Grant Awards to Organisations - Innovation~~
~~2,655,189~~
~~1,986,535~~
Active Travel
Cerebra
132
108,210
Cycling UK
16,823
1,561,660
Disability Sheffeld Centre for Independent Living
233,065
-
Experience Community CIC
606,421
-
Foresight
390
-
Friends of Pedal Power
1,857
-
Get Cycling CIC
8,263
747,640
Sussex Community Development Association
1,168
230,686
Sustrans
666
443,401
The Back Up Trust
8,500
1,300,913
Whizz-Kidz
2,160
599,533
~~Active Travel~~
~~879,445~~
~~4,992,043~~
Barriers to Driving
Cornwall Mobility Centre Ltd
251,481
-
Disability Action (NI)
77,827
1,035,361
Disabled Motoring UK
393,412
-
Driving Mobility
598,855
1,899,537
Family Fund
3,000,972
-
William Merritt Disabled Living Centre
218,630
-
~~Barriers to Driving~~
~~4,541,177~~
~~2,934,898~~
Community Transport
Age Cymru Dyfed
942,921
-
Arran Community & Voluntary Service
369
-
Autism Initiatives UK
200
165,867
Ayrshire Cancer Support
704
543,100
Badenoch & Strathspey Community ConneXions
561
-
Basildon Community Transport Service
209,565
-
Bassetlaw Action Centre
527,654
-
Cambs Society for Blind & Partially-Sighted
270
-
Canolfan Maerdy
1,798
365,359

www.motabilityfoundation.org.uk 103

Annual Report and Accounts 2024/25

Appendix 1 - Grant Award Activity in Year cont.

Coalfeld Community Transport
453,297
-
Community Action Malvern & District
143,510
-
Community ConneXions
819
-
Community Equality Disability Action
200
-
Community Transport Glasgow
1,890
614,581
Compaid Trust
1,043
-
Comunn Eachdraidh Nis
476
-
Croydon Voluntary Association for the Blind
1,653
-
Darlington Association on Disability
491,015
-
Daventry Area Community Transport
375
-
Dial a Ride Denbighshire
1,478
295,725
Down Armagh Rural Transport
1,062
-
Ealing Community Transport
243
181,505
Easilink Community Transport Ltd
7,106
-
East Hull Community Transport
1,881
-
Fares4Free
167,612
-
Green Community Travel
200
-
Harwich Connexions Transport Co-Operative Ltd
-
250,100
Interloch Transport
2,270
1,063
North Holderness Community Transport
798
-
North Norfolk Community Transport
513
-
O Ddrws I Ddrws
357,536
-
OPAL in partnership with AVSED
2,111
356,873
Pembrokeshire Association of
Community Transport Organisations
1,839
998,142
People to Places
504,590
-
SERVE
1,726
-
Sheppey Matters
980
-
South Antrim Community Transport
3,174
937,271
South Denbighshire Community Partnership
1,235
201,371
South East Dorset Community Access Transport
458
-
Stockport Car Schemes
776
157,160
Swansea Council for Voluntary Service
261,468
-
Vale Community Impact
119,337
-
Voluntary Impact
955
-
Worcester Wheels
1,452
436,478
~~Community Transport~~
~~4,219,120~~
~~5,504,595~~
Research
Community Transport Association
326,320
-
Contact
1,701
302,672
Driving Mobility
1,728
85,500
Mental Health Innovations
1,044
357,500
Multiple Sclerosis Trust
-
61,310
Royal Mencap
634
237,250
Royal National Institute for Deaf People
121,745
-
Transport Research Foundation
-
291,822
University of Southampton
199,143
-
University of Westminster
1,053
188,119
University of York
2,397
473,224
Waltham Forest Community Transport
386,599
-
~~Research~~
~~1,042,364~~
~~1,997,397~~
2024/25
2023/24
Programme
Benefciary
£
£

104 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Appendix 1 - Grant Award Activity in Year cont.

2024/25 2023/24
Programme Benefciary £ £
Travelling with Confdence Advonet 299,066 -
Autism Able 275,071 -
Autism Bedfordshire 390 107,902
Community Council of Devon 763 206,358
Community Rail Network 608,213 -
ENABLE 15,724 -
Euan’s Guide 13,866 886,551
Inclusion Gloucestershire 321,274 -
Integrated Neurological Services 202,000 -
Leeds Older People’s Forum 2,896 815,378
My Life My Choice 1,186 245,908
Orchardville Society 1,827 358,086
Royal Society for Blind Children 144,861 -
Spinal Injuries Association 4,930 800,000
The Back Up Trust 1,400 557,999
The Grace Eyre Foundation 335,434 -
Transport for All 2,703 684,178
Your Voice Counts 796,162 -
~~Travelling with Confdence~~ ~~3,027,766~~ ~~4,662,360~~
Wheelchairs Action for Kids 502 -
Aspire 308 395,543
Brittle Bone Society 36 -
Newlife 11,145 -
REMAP 438 -
Spinal Muscular Atrophy UK 175 717,100
The Snowdon Trust 1,010,013 -
Whizz-Kidz 11,296 2,000,162
~~Wheelchairs~~ ~~1,033,913~~ ~~3,112,805~~
~~Grant Awards to Organisations - Impact~~ ~~14,743,785~~ ~~23,204,098~~

Summary of Grant Awards in Year

Benefciary 2024/25 2023/24
£ £
~~Grant Awards to Organisations -~~
~~Impact~~ ~~[2024/25 - 31 Grants, 2023/24 - 43 Grants]~~ ~~14,743,785~~ ~~23,204,098~~
~~Grant Awards to Organisations -~~
~~Innovation~~ ~~[2024/25 - 8 Grants, 2023/24 - 10 Grants]~~ ~~2,655,189~~ ~~1,986,535~~
~~Total Grant Awards~~
~~to Organisations~~ ~~[2024/25 - 39 Grants, 2023/24 - 53 Grants]~~ ~~17,398,974~~ ~~25,190,633~~
~~Grant Awards to Individuals~~ ~~[2024/25 - 13,861 Individuals, 2023/24 - 20,734 Individuals]~~ ~~65,098,064~~ ~~81,768,359~~
~~Total Grants Awards in Year~~ ~~82,497,038~~ ~~106,958,992~~

www.motabilityfoundation.org.uk 105

Annual Report and Accounts 2024/25

Appendix 2 - Charitable Expenditure Recognised in Year

2024/25
2023/24
Programme
Benefciary
£
£
Special Grants
Wizzybug Loan Scheme
700,000
250,000
Family Fund
3,500,000
5,500,000
~~Grant Commitments to~~
~~Organisations - Special Grants~~
~~4,200,000~~
~~5,750,000~~
National Centre for
Accessible Travel
Coventry University
2,529,370
1,333,046
~~National Centre for Accessible Travel~~
~~2,529,370~~
~~1,333,046~~
Extra Mile Car Clubs
Derbyshire Community Transport
-
42,641
Derwent Valley Car Club
-
47,426
Green Fox Energy Co-Op Ltd
-
50,105
Sussex Community Transport
-
54,941
~~Extra Mile Car Clubs~~
~~-~~
~~195,113~~
Innovative Disability Training
RNIB and CRN
329,813
-
~~Innovative Disability Training~~
~~329,813~~
~~-~~
Micromobility
CoMoUK Trust
44,928
-
~~Micromobility~~
~~44,928~~
~~-~~
Partnerships
RNIB
259,000
-
~~Partnerships~~
~~259,000~~
~~-~~
Scholarships
Coventry University
50,342
38,793
Loughborough University
39,389
-
Open University
31,033
-
University College London
-
38,485
University of Newcastle
-
24,523
University of Westminster
-
28,537
~~Scholarships~~
~~120,764~~
~~130,338~~
User Research Grants
Autistic Minds
-
34,000
Autistica
61,841
103,067
Bus Users UK
-
-
CoMoUK Trust
59,815
99,691
Mental Health Foundation
-
-
National Autistic Society
48,946
81,580
RNIB
12,351
84,683
Sustrans
269,072
188,459
Transport for All
-
-
United Response
59,999
99,998
Visionary
-
28,500
Wheelchair Alliance
117,781
147,781
~~User Research Grants~~
~~629,805~~
~~867,759~~
Vehicle Design
Designability
355,988
203,000
~~Vehicle Design~~
~~355,988~~
~~203,000~~
~~Grant Commitments to Organisations - Innovation~~
~~4,269,668~~
~~2,729,255~~
Active Travel
Cerebra
36,202
67,145
Cycling UK
717,134
861,349
Disability Sheffeld Centre for Independent Living
94,655
-
Experience Community CIC
220,807
-
Foresight North East Lincolnshire
40,338
-
Friends of Pedal Power
195,857
22,000
Get Cycling CIC
101,313
167,050
Sussex Community Development Association
39,109
37,941
Sustrans
118,510
193,565
The Back Up Trust
455,785
331,974

106 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Appendix 2 - Charitable Expenditure Recognised in Year cont.

2024/25 2023/24
Programme Benefciary £ £
Whizz-Kidz 2,160 196,154
~~Active Travel~~ ~~2,021,870~~ ~~1,877,178~~
Barriers to Driving Cornwall Mobility Centre Ltd 62,715 -
Disability Action (NI) 354,654 212,903
Disabled Motoring UK 126,412 -
Driving Mobility 453,723 693,181
Family Fund 1,500,972 -
William Merritt Disabled Living Centre 115,252 -
~~Barriers to Driving~~ ~~2,613,728~~ ~~906,084~~
Community Transport Age Cymru Dyfed 340,966 -
Arran Community & Voluntary Service 34,463 -
Autism Initiatives UK 200 165,867
Ayrshire Cancer Support 181,704 176,100
Badenoch & Strathspey Community ConneXions 31,561 -
Basildon Community Transport Service 91,305 -
Bassetlaw Action Centre 241,299 -
Cambs Society for Blind & Partially-Sighted 56,623 -
Canolfan Maerdy 66,905 193,479
Coalfeld Community Transport 257,061 -
Community Action Malvern & District 116,510 -
Community ConneXions 58,640 -
Community Equality Disability Action 200 -
Community Transport Glasgow 88,836 346,903
Compaid Trust 113,408 106,465
Comunn Eachdraidh Nis 21,396 1,000
Croydon Voluntary Association for the Blind 187,722 178,455
Darlington Association on Disability 3,500 -
Daventry Area Community Transport 120,562 -
Dial a Ride Denbighshire 79,222 137,542
Down Armagh Rural Transport 218,216 -
Ealing Community Transport 36,821 144,927
Easilink Community Transport Ltd 554,015 -
East Hull Community Transport 191,412 180,505
Fares4Free 84,385 -
Green Community Travel 200 157,615
Harwich Connexions Transport Co-Operative Ltd - 250,100
Interloch Transport 62,466 60,073
North Holderness Community Transport 38,398 -
North Norfolk Community Transport 41,568 39,267
O Ddrws I Ddrws 113,550 -
OPAL in partnership with AVSED 95,284 168,618
Pembrokeshire Association of
Community Transport Organisations 268,583 323,955
People to Places 270,888 -
SERVE 255,359 -
Sheppey Matters 93,295 89,479
South Antrim Community Transport 199,437 517,019
South Denbighshire Community Partnership 1,235 158,229
South East Dorset Community Access Transport 85,508 -
Stockport Car Schemes 34,976 88,760
Swansea Council for Voluntary Service 84,399 -

www.motabilityfoundation.org.uk 107

Annual Report and Accounts 2024/25

Appendix 2 - Charitable Expenditure Recognised in Year cont.

2024/25 2023/24
Programme Benefciary £ £
Vale Community Impact 77,657 -
Voluntary Impact 36,705 -
Worcester Wheels 151,229 172,918
~~Community Transport~~ ~~5,087,669~~ ~~3,657,276~~
Research Community Transport Association 160,847 -
Contact 111,251 92,344
Driving Mobility 1,728 85,500
Mental Health Innovations 178,544 105,750
Multiple Sclerosis Trust - 61,310
Royal Mencap 85,284 84,650
Royal National Institute for Deaf People 86,172 -
Transport Research Foundation - 291,822
University of Southampton 133,418 -
University of Westminster 1,053 97,106
University of York 2,397 236,612
Waltham Forest Community Transport 212,065 -
~~Research~~ ~~972,759~~ ~~1,055,094~~
Travelling with Confdence Advonet 92,343 -
Autism Able 105,700 -
Autism Bedfordshire 390 37,719
Community Council of Devon 100,205 106,916
Community Rail Network 302,883 -
ENABLE 346,243 -
Euan’s Guide 13,866 293,165
Inclusion Gloucestershire 107,787 -
Integrated Neurological Services 59,000 -
Leeds Older People’s Forum 2,896 247,220
My Life My Choice 82,225 77,608
Orchardville Society 121,327 115,500
Royal Society for Blind Children 70,664 -
Spinal Injuries Association 4,930 363,504
The Back Up Trust 157,786 220,056
The Grace Eyre Foundation 105,864 -
Transport for All 376,917 309,964
Your Voice Counts 388,481 -
~~Travelling with Confdence~~ ~~2,439,507~~ ~~1,771,652~~
Wheelchairs Action for Kids 137,918 -
Aspire 130,152 120,120
Brittle Bone Society 100,036 100,000
Newlife 394,091 339,601
REMAP 77,000 -
Spinal Muscular Atrophy UK 239,175 238,500
The Snowdon Trust 163,844 -
Whizz-Kidz 629,071 1,038,987
~~Wheelchairs~~ ~~1,871,287~~ ~~1,837,208~~
~~Grant Commitments to Organisations - Impact~~ ~~15,006,820~~ ~~11,104,492~~

108 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Summary of Grant Commitments Recognised in Year

~~Grant Commitments to Organisations -~~
~~Impact~~
~~[2024/25 - 69 Grants, 2023/24 - 54 Grants]~~
~~15,006,820~~
~~11,104,492~~
~~Grant Commitments to Organisations -~~
~~Innovation~~
~~[2024/25 - 21 Grants, 2023/24 - 23 Grants]~~
~~4,269,668~~
~~2,729,255~~
~~Grant Commitments to~~
~~Organisations - Special Grants~~
~~[2024/25 - 2 Grants, 2023/24 - 2 Grants]~~
~~4,200,000~~
~~5,750,000~~
~~Total Grant Commitments~~
~~to Organisations~~
~~[2024/25 - 92 Grants, 2023/24 - 79 Grants]~~
~~23,476,488~~
~~19,583,747~~
~~Grants to Individuals~~
~~[2024/25 - 13,861 Individuals, 2023/24 - 20,734 Individuals]~~
~~65,098,064~~
~~81,768,359~~
~~Total Grant Commitments Recognised within Charitable Expenditure in Year~~
~~88,574,552~~
~~101,352,106~~
2024/25
2023/24
£
£

www.motabilityfoundation.org.uk 109

Annual Report and Accounts 2024/25

Professional Advisers

Bankers

Barclays Bank PLC 1 Churchill Place, London E14 5HP

NatWest Bank PLC

1 Princes Street, London EC2R 8BP

Solicitors Farrers & Co LLP

66 Lincoln’s Inn Fields, London WC2A 3LH

External Auditors BDO LLP 55 Baker Street, London W1U 7EU

Principal Fund Managers

Aegon Investment Management B.V. World Trade Center Schiphol, Schiphol Boulevard 223, 1118 BH Schiphol, The Netherlands

Barclays Private Bank

1 Churchill Place, Canary Wharf, London E14 5HP

BlackRock Investment (UK) Limited

Drapers Gardens, 12 Throgmorton Avenue, London EC2N 2DL

Lansdowne Partners

65 Curzon Street, London W1J 8PE

Meridiem Investment Management

Riverside House, 2a Southwark Bridge Road, London SE1 9HA

TCI Fund Management Limited 7 Clifford Street, London W1S 2FT

Cazenove Capital

Internal Auditors Grant Thornton 30 Finsbury Square, London EC2A 1AG

Investment Advisers Lane Clark & Peacock LLP 95 Wigmore Street, London W1U 1DQ

Wilshire Associates

World Trade Center, Tower H, 25th Floor, Zuidplein 204, 1077 XV, Amsterdam, The Netherlands

1 London Wall Place, London EC2Y 5AU

Egerton Capital (UK) LLPS

Tratton House, 5 Stratton Street, London W1J 8LA

IFM Investors London

2 London Wall, Barbican, London EC2Y5AY

Indus Capital Partners LLC

1700 Broadway, 39th Floor, New York NY 10019

110 www.motabilityfoundation.org.uk

Annual Report and Accounts 2024/25

Patrons, Governors, Members and Key Executive Employees 2024/25

Patron

His Majesty King Charles III – Chief Patron The Rt Hon Boris Johnson The Rt Hon Theresa May MP The Rt Hon the Lord Cameron of Chipping Norton The Rt Hon Ed Miliband MP The Rt Hon Sir Iain Duncan Smith MP The Rt Hon Sir Tony Blair KG

Life President

The Rt Hon the Lord Sterling of Plaistow GCVO CBE

Life Vice-President

Brian Carte TD

Governors

Chair: Charles Manby MBE Vice Chair: Ed Humpherson CB FCA Hon Treasurer: David Hunter FCA

Dr Hannah Barham-Brown FRSA Richard Cartwright ACA Tony Davis Jackie Driver OBE Robin Hindle Fisher OBE Merlyn Lowther Dr Juliana Onwumere Professor William Webb Michael Harrison (appointed 23 September 2024)

Members

Sir Gerald Acher CBE LVO FCA Richard Bennison FCA Don Brereton CB Brian Carte TD Morigue Cornwell MBE Alan Dickinson Dr Stephen Duckworth OBE Christopher E Fay CBE The Rt Hon the Lord Hague of Richmond Raymond King Joanna Lewis Edward Lester The Hon Sara Morrison Peter Oppenheimer David Pritchard Professor Mala Rao OBE Dipankar Shewaram The Lord Kevin Shinkwin Paul Spencer CBE The Rt Hon the Lord Sterling of Plaistow GCVO CBE Cheryl Ward Barry Le Grys MBE (appointed 25 September 2024)

Key Executive Employees Chief Executive: Nigel Fletcher Director of Finance: Charles Nall ACA Director of Charitable Operations: Lisa Jones Chief Investment Officer: Phillip Coates Chief Communications Officer: Sophie McGuirk-Cummings

www.motabilityfoundation.org.uk 111

Annual Report and Accounts 2024/25

Motability, Warwick House, Roydon Road, Harlow, Essex CM19 5PX

Motability is a registered charity in England and Wales with charity number 299745 and in Scotland with charity number SC050642.

We are regulated by the Charity Commission and the Financial Conduct Authority. We are entered on the FCA register (www.fca.org.uk/register) under reference 736309. Motability operating as Motability Foundation

motabilityfoundation.org.uk